Explanation
BACKGROUND: The City of Columbus owns certain real property located at 771 E. Long Street, commonly known as the Lincoln Theater. The City desires to rent certain portions (retail bays) of the Lincoln Theater to various businesses and private citizens in order to generate income to offset a portion of the cost of the daily operation of the facility and to serve as a stimulus in the redevelopment of King-Lincoln community. The City, ("Lessor"), desires to enter into a lease agreement with Gallerie Les Beaux Arts, LLC, ("Lessee"), for the lease of approximately 475 square feet of retail space at the Lincoln Theater known as 775 E. Long Street, for the operation of an art gallery. The following legislation authorizes the Director of the Department of Development to execute those documents necessary to enter into a one (1) year lease agreement, with the Lessee having the option to extend the lease for one additional one-year period.
FISCAL IMPACT: Renting the retail bay, will provide a revenue stream for the City of Columbus to assist in offsetting a portion of the operation and maintenance expenses of this City owned facility.
EMERGENCY JUSTIFICATION: Emergency action is requested to not delay the immediate renting of certain portion of the Lincoln Theater and subsequent financial benefit to the City.
Title
To authorize the Director of the Department of Development to execute those documents necessary to enter into a one (1) year lease between the City of Columbus and Gallerie Les Beaux Arts, LLC for the lease of approximately 475 square feet of retail space in the Lincoln Theater and to declare an emergency.
Body
WHEREAS, the City of Columbus owns certain real property located 771 E. Long Street, commonly known as the Lincoln Theater; and
WHEREAS, the City desires to rent a retail bay fronting on Long Street with an address of 775 E. Long Street; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus, in that it is immediately necessary to authorize the Director of the Department of Development, to execute those documents necessary to enter into a one (1) year lease between the City of Columbus and Gallerie Les Beaux Arts, LLC for the lease of approximately 475 square feet of retail space in the Lincoln Theater, located at 775 E. Long Street (retail bay) so that the facility can be rented without delay for the immediate preservation of the public health, peace, property and safety, now, therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development is hereby authorized to execute those documents, as approved by the Department of Law, Real Estate Division, necessary to enter into a one year lease agreement with Gallerie Les Beaux Arts, LLC, an Ohio limited liability company, for a retail bay in the Lincoln Theater with an address of 775 E. Long Street.
Section 2. That the terms and conditions of the lease shall be in form approved by the City Attorneys Office and shall include the following:
- The lease shall be effective for a period of one (1) year term commencing on December 1, 2005 and terminating on November 30, 2006, unless otherwise renewed as provided within the lease agreement.
- The rent for the first year is $1,187.50.
- Lessee shall have the right, with Lessor's approval and provide that Lessee is not in default of any term herein, to renew this lease agreement at the rental rate of Three Dollars ($3.00) per square foot times 475 square foot which equals a total rent of One Thousand Four Hundred Twenty Five Dollars ($1,425.00) per year and under the same terms for one (1) additional year.
- Such other terms and conditions as agreed to and approved by the City Attorney.
e) e) e)
Section 3. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its approval by the Mayor, or ten days after passage if the Mayor neither approve nor vetoes the same.