Explanation
The City is the owner of a building located at 475 Elwood Avenue that has been leased since November 2007 to the Columbus Urban League for a Head Start program. The lease is currently set to expire October 31, 2010. The Urban League would like to extend the lease since the Head Start program is very successful, and the Urban League has installed several upgrades to the building. This legislation authorizes the Director of the Department of Finance and Management to execute those documents necessary to enter into a new lease agreement with the Columbus Urban League.
Fiscal Impact: The City of Columbus will receive $15,972.00 per year for the three year term of the lease agreement, with proceeds made payable to the City Treasurer for deposit in the General Fund.
Title
To authorize the Director of the Department of Finance and Management to enter into a three year lease agreement with the Columbus Urban League for that City-owned property commonly known as 475 Elwood Avenue, Columbus, Ohio
Body
WHEREAS, the City of Columbus, Ohio owns certain real property commonly known as 475 Elwood Avenue; and,
WHEREAS, the City of Columbus desires to enter into a lease agreement with the Columbus Urban League for the real property commonly known as 475 Elwood Avenue to continue operating a Head Start program; and,
WHEREAS, the Columbus Urban League has agreed to the lease terms and is eager to extend the lease for the Head Start program; 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 three (3) year lease agreement for the rental of real property located at 475 Elwood by and between the City of Columbus (Lessor) and the Columbus Urban League (Lessee) at an annual rental rate of $5.50 per square foot, or $15,972 per year.
Section 2. That the terms and conditions of this lease 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 three (3) years commencing November 1, 2010 and terminating on October 31, 2013.
b) The lease will contain three one-year renewal options.
c) Such other terms and conditions as are required and/or approved by the City Attorney's Office.
Section 3. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.