Explanation
Background: This legislation authorizes the Director of Finance and Management to enter into a Second Amendment to Lease Agreement with AARP Foundation, as Tenant, for office space located at 1393 East Broad Street. AARP Foundation is a tenant in the building under a Lease Agreement dated August 1, 2017 and as amended by a First Amendment to Lease Agreement effective August 26, 2019. AARP is in need of additional office space in the building to provide services to senior citizens. This need can be accommodated by adding adjacent vacant office space (813 square feet) to AARP’s current office suite. The existing lease agreement will expire in September 2023 and the parties wish to extend the term of the Lease by adding an additional automatic three (3) year renewal term. The amendment will provide for the addition of the 813 square feet of office space, update the rent, and add an additional renewal term.This ordinance is presented as an emergency measure so that the City can immediately begin work to ready the additional space for AARP's occupancy.
Fiscal Impact: The lease of additional square footage will result in an increase of $10,162.50 in annual income.
Emergency Action: is requested so that the City can immediately begin work to ready the additional office space for AARP occupancy at the earliest possible date.
Title
To authorize the Director of Finance and Management to enter into a Second Amendment to Lease Agreement with AARP Foundation for additional leased office space at 1393 East Broad Street; and to declare an emergency. ($0.00)
Body
WHEREAS, the Department of Finance and Management through its Real Estate Management Office, leases office space at the City-owned property at 1393 East Broad Street; and
WHEREAS, AARP Foundation, currently leases office space in the building under a Lease Agreement dated August 1, 2017 and as amended by a First Amendment to Lease Agreement effective August 26, 2019; and
WHEREAS, AARP Foundation, is now in need of additional office space to serve senior citizens which the City can accommodate by adding 813 square feet of vacant office space adjacent to AARP’s current office suite to AARP’s leased suite; and
WHEREAS, the City and AARP Foundation wish to extend the term of the existing Lease and add an additional automatic three (3) year renewal term: and
WHEREAS, it is necessary to enter into a Second Amendment to Lease Agreement to account for lease of an additional 813 square feet office space and to add an additional automatic renewal term of three (3) years; and
WHEREAS, the Department of Finance and Management, Real Estate Management Office, has negotiated the terms and conditions of a Second Amendment to Lease Agreement that are acceptable to the City; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Finance and Management, in that it is immediately necessary to authorize the Director of Finance and Management to execute the Second Amendment to Lease Agreement with AARP Foundation in order to meet its immediate need for additional leased office space to provide services to senior citizens, and for the immediate preservation of the public health, peace, property, safety and welfare; now, therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of Finance and Management be, and hereby is, authorized to execute a Second Amendment to Lease Agreement by and between the City and AARP Foundation to accurately reflect the new area of the premises as 2,613 rentable square feet, at 1393 East Broad Street, Columbus, Ohio 43205, adjust the annual rent, add an additional automatic three (3) year renewal term, and to make other changes as required.
SECTION 2. That the terms and conditions of the Second Amendment to Lease Agreement shall be in a form prepared and approved by the Department of Law, Division of Real Estate.
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.
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