Explanation
Background: In December 2006 the City of Columbus purchased the Jerry Hammond Center, 1111 E. Broad Street. Pursuant to the authority granted by Columbus City Council Ordinance #1005-2006 and as defined in the terms of the Purchase Agreement, the City assumed all existing leases of tenants occupying space in the building. As such, the City assumed a Lease Agreement by and between Buckeye Union Insurance Company (Landlord) and Central Ohio Workforce Investment Corporation, or COWIC, (Tenant) that contained an initial term of five (5) years and included one option to renew the lease for a five-year term.
The Lease Agreement also provided the Tenant a right of "partial termination", under certain terms and conditions, allowing the tenant to reduce the amount of rentable square footage defined as its Leased Premises. The Tenant has exercised its option to renew the lease for a five-year term and to partially terminate a portion of the space defined as the Leased Premises due to a decision by Franklin County Jobs and Family Services to consolidate offices and not to renew its Sublease Agreement for a portion of the Leased Premises. This legislation authorizes the Director of Finance and Management to execute an amendment to the existing Lease Agreement to define the reduced area of the Leased Premises, revise terms of the partial termination, define the market rental rate for the renewal term, and to revise other such terms in the lease related to the adjusted size of the area of the Leased Premises. All other terms, conditions and provisions of the Lease Agreement shall remain unchanged.
Fiscal Impact: N/A
Emergency Justification: Emergency action is requested to enable the City to renew the lease without interruption.
Title
To authorize the Director of Finance and Management to execute an amendment to the current Lease Agreement with Central Ohio Workforce Investment Corporation to define the reduced area of the Leased Premises, revise ter...
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