Downey, chamber agree in principle to 10-year lease extension

DOWNEY -- The Downey Chamber of Commerce is looking to stay at its current location for at least another 10 years. 

The City Council on Tuesday will consider ratifying a 10-year lease agreement with the chamber for its office space at 11131 Brookshire Avenue. 

Under terms of the sweetheart deal, the chamber will pay only $1 per year in rent. 

The chamber first moved into the space -- located adjacent to the library -- in 1961 when the City Council authorized a 25-year lease at only $1 per year. 

A second 25-year lease was executed in 1983. The lease was extended an additional 10 years in 2008 and was set to expire this March. 

The rental agreement requires the chamber to carry $2 million in general liability insurance and the chamber is responsible for the building’s upkeep.