Explanation
The City owns the office building located at 1393 East Broad Street which houses the Near East Pride Center. The City also leases office space in the building to non-profit, community-oriented companies. Central Ohio Minority Business Association (COMBA), has leased a 2,135 square foot suite in the building since 2007. Their current lease has no renewal options remaining and they wish to remain a tenant at this location. Therefore, a new lease must be executed with the City to continue their occupancy. This legislation authorizes the Director of the Department of Finance and Management to execute those documents necessary to enter into a lease agreement with the Central Ohio Minority Business Association.
Emergency action is requested to allow for immediate execution of the lease, allowing the City to move COMBA from a holdover status to a leased tenant.
Fiscal Impact: Passage of this ordinance will allow the City to continue to receive an annual rental of $25,620.00 for deposit into the "1393 East Broad Street Emergency Fund" to offset building operating expenses.
Title
To authorize the Director of the Department of Finance and Management to enter into a one year lease agreement with the Central Ohio Minority Business Association for that city-owned property commonly known as 1393 East Broad Street, Columbus, Ohio; and to declare an emergency.
Body
WHEREAS, the City of Columbus, Ohio owns certain real property commonly known as 1393 East Broad Street; and
WHEREAS, the City of Columbus desires to enter into a lease agreement with the Central Ohio Minority Business Association to lease approximately 2,135 square feet of space in the real property commonly known as 1393 East Broad Street; and
WHEREAS, an emergency exists in the daily operation of the City of Columbus, in that it is immediately necessary to authorize the Director of the Department of Finance and Management to enter into a lease agreement with the Central Ohio Minority Business Association for the rental of real property located at 1393 East Broad Street, and 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 Finance and Management be, and hereby is, authorized to execute those documents, as approved by the Department of Law, Division of Real Estate, necessary to enter into a one (1) year lease with agreement for the rental of real property located at 1393 East Broad Street by and between the City of Columbus (Lessor) and the Central Ohio Minority Business Association (Lessee) for approximately 2,135 square feet at a rental rate of not less than $12 per square foot:
Section 2. That the terms and conditions of these leases shall be in a form approved by the City Attorney's Office and shall include the following:
a) The lease shall have an initial term of one (1) year commencing October 1, 2010 and terminating on September 30, 2011.
b) The Lessee shall make lease payments based on the rate of $12.00 per rentable square foot.
c) The rent payments shall be deposited in the "1393 East Broad Street Capital Reserve Fund" to cover expenses related to maintenance and/or repair of the building and components.
d) The lease will contain one renewal option and a Landlord termination provision.
e) Such other terms and conditions as are required and/or approved by the City Attorney's Office.
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 approves nor vetoes the same.