The Rockford Park District has announced a 15-year building lease agreement with William Charles Ltd.
The Commissioners approved the lease with William Charles Ltd. for 15 years with revenue to the Park District of $66,000 per year, with all utilities, maintenance, upkeep and improvements paid for by William Charles Ltd. The lease has a 2.5 percent increase each year beginning Jan. 1.
Steve Reichensperger, chief financial officer for the Rockford Park District, explained: We are very pleased William Charles Ltd. chose to make Sinnissippi Park the location of their business office. It is a beautiful park setting, and their occupancy complements the use and enjoyment of Sinnissippi Park. Well continue to have the Festival of Lights and Snow Sculpting Competition going on in the park, and the use of the park remains the same as when District business staff were in the building.
William Charles plans to make some interior improvements to the 34-year-old building to meet its needs. Renovation is scheduled to begin later this month.
Reichensperger said: The citizens are the real winners, because in these days of shrinking resources, William Charles is leasing the building for their office at competitive rates and paying for all the improvements, utilities and maintenance on this building. This will certainly free up some capital dollars for other needs, rather than the District paying for repair and replacement and maintenance on this 34-year-old building over the next 15 years. William Charles will also be contributing to property taxes by leasing this location, another bonus for the taxpayers.
Park District staff moved out of the 1401 N. Second St. building in December 2005, and into the office at 401 S. Main St.
From the March 22-28, 2006, issue