Explanation
Background: This legislation authorizes the Director of Finance and Management to execute a new lease agreement with Subway Real Estate, LLC, as Tenant, for 1,300 rentable square feet of retail space located on the first floor at 1418 Cleveland Avenue. Subway Real Estate, LLC has been a tenant in the building since 2004. The existing lease with Subway Real Estate, LLC is set to expire and it is necessary to enter into a new lease agreement. The new lease will be for a five (5) year term with one (1) renewal option for an additional term of five (5) years.
Emergency action is requested so that the new lease agreement may be in effect prior to the expiration of the existing lease so that Subway’s operation may continue uninterrupted.
Fiscal Impact: The lease will generate an annual rental income to the City of $22,734.00.
Title
To authorize the Director of Finance and Management to execute a Lease Agreement with Subway Real Estate, LLC for retail space leased at 1418 Cleveland Avenue; and to declare an emergency. ($0.00) (AMENDED BY ORDINANCE 0418-2023 PASSED 02/13/2023) BA
Body
WHEREAS, the Department of Finance and Management through its Real Estate Management Office, leases office space at the City-owned property at 1402-1418 Cleveland Avenue; and
WHEREAS, the existing lease is set to expire and it is necessary to enter into a new Lease Agreement with the Tenant, Subway Real Estate, LLC prior to the expiration of the current Lease; and
WHEREAS, the Department of Finance and Management, Real Estate Management Office, has negotiated the terms and conditions of the new lease that are acceptable to the City; and
WHEREAS, an emergency exists in the usual daily operations of the Finance and Management Department in that it is immediately necessary to authorize the Director of the Department of Finance and Management, on behalf of the City, to execute a Lease Agreement with Subway Real Estate, LLC, to allow its tenancy to continue withou...
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