Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to refund the Reeb Avenue Center in the amount of $5,494.92 for the February 2025 lease payment made by the Reeb Avenue Center prior to the amendment of the lease agreement.
The City owns real property located at 280 Reeb Avenue that is currently leased to the Reeb Avenue Center, a non-profit entity, as Tenant. Reeb Avenue Center subleases portions of the building on the property to various non-profit groups providing social and educational services to Southside residents. South Side Learning and Development Center (dba SproutFive), a current tenant of the Reeb Avenue Center, ceased existence and operations at this location effective June 30, 2024. Ordinance 1898-2024 authorized the Director of the Department of Finance and Management to enter into a First Amendment to Lease Agreement in order to grant a six-month rent reduction to the Reeb Avenue Center between August 1, 2024 and terminating on January 31, 2025. In order to continue to assist Reeb Avenue Center, the City agreed to a rent reduction for the remainder of the lease term terminating on August 31, 2035. During this period, rent will be adjusted to $1.00 annually. Should the Tenant choose to exercise their Option to Renew, that shall commence September 1, 2035, the rent shall be negotiated at that time.
FISCAL IMPACT: Funding is available in the Property Management Fund (2294).
CONTRACT COMPLIANCE: the vendor number is 016050 and expires 9/5/2026.
Title
To authorize the Director of Development to refund the Reeb Avenue Center in the amount of $5,494.92; and to authorize the appropriation and expenditure of $5,494.92 from the Property Management Fund. ($5,494.92)
Body
WHEREAS, the City is the owner of certain real property located at 280 Reeb Avenue that includes a Building; and
WHEREAS, the City leases this real property and the Building to Reeb Avenue Center, a non-profit entity; and
WHERE...
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