Explanation
Background: Since 2016 Columbus Next Generation Corporation has leased approximately 2,826 square feet of office space located at 1393 East Broad Street from the City. The current Lease Agreement (“Lease”), most recently authorized by City Council Ordinance 2697-2021, effective October 1, 2021, expires on September 30, 2026. Columbus Next Generation Corporation desires to extend the term until September 30, 2027 thus necessitating the need to enter into a First Amendment to Lease Agreement to memorialize the extension.
This legislation authorizes the Director of Development, or authorized signatory, to execute those documents necessary to enter into a First Amendment to Lease Agreement with Columbus Next Generation Corporation of that certain Lease Agreement, effective October 26, 2021, to extend the lease term through September 30, 2027. All other terms, conditions, and provisions of the Lease will remain unchanged and in full force and effect. This legislation is presented as emergency measure.
Fiscal Impact: The City will continue to receive $35,325.00 in annual rent. ($0.00)
Emergency Designation: This legislation is presented as emergency measure to allow for the amendment to become effective prior to lease expiration.
Title
To authorize the Director of Development, or authorized signatory, to execute those documents necessary to enter into a First Amendment to Lease Agreement with Columbus Next Generation Corporation; and to declare an emergency. ($0.00)
Body
WHEREAS, the Department of Development, through its Real Estate and Land Redevelopment Office, leases office space located at 1393 East Broad Street to Columbus Next Generation Corporation, and
WHEREAS, the Columbus Next Generation Corporation lease is due to expire on September 30, 2026, and
WHEREAS, it is necessary to amend the lease to extend the term until September 30, 2027; and
WHEREAS, all other terns and conditions within the Lease Agreement will remain unchanged; and
WHEREAS, an emergency exists in the usual daily operation of the City in that it is immediately necessary to authorize the Director of Development, or authorized signatory, to enter into a First Amendment to Lease Agreement in order to extend the Lease prior to expiration and allow Columbus Next Generation Corporation to remain operating out of the office space without interruption thereby preserving the public health, peace, property, safety, and welfare; and now, therefore; and
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of Development, or authorized signatory, be, and hereby is, authorized to execute a First Amendment to Lease Agreement by and between the City of Columbus and Columbus Next Generation Corporation, that shall extend the term by one (1) year, as prepared and approved by the Department of Law, Division of Real Estate.
SECTION 2. That the City Auditor is authorized to make any accounting changes necessary to ensure that this lease is properly accounted for and recorded accurately on the City’s financial records.
SECTION 3. That for reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared an emergency measure and shall take effect and be in force from and after passage and approval by the Mayor, or ten (10) days after passage if the Mayor neither approves nor vetoes the same.