Explanation
Background: In 1989 the City of Columbus executed a lease with Lobby Stores, Inc. dba Nielsen's Stores to provide prepared food, beverage and sundries for the occupants of and visitors to the Municipal Court Building located at 375 S. High Street. Lobby Stores sold its interest in Nielsen's to Economy Enterprise, Inc. and in 1994 the City entered into a two-year lease including five renewal terms, each renewal being two years in length, with Economy Enterprise, Inc. dba Nielsen's Stores, for the operation of a food and sundry store on the 9th floor of the Municipal Court Building and a coffee cart in the lobby. That lease expired in October 31, 2006 and the City and Economy Enterprise Inc. agreed to a month-to-month tenancy until such time that the City and Franklin County agreed on terms for the City's new lease of the Municipal Court Building and that a new lease could be negotiated for the Nielson's Store based upon the terms of the City's lease with the County.
Economy Enterprises, Inc. sold its interest in the Nielsen Stores operation at this location, to SON Capital Investments, LLC, an Ohio limited liability company (Compliance Number 271148226. The new owner assumed the month-to-month tenancy of Economy Enterprises, Inc. SON Capital Investments has been current in its payment of rent and has improved the operation and appearance of the store and coffee cart. The ownership has expressed a strong desire to remain in this location and to work cooperatively with the City to continue to enhance service to meet the needs of both the building staff and visitors. The City desires to execute a new lease agreement for the store and coffee cart with SON Capital Investments LLC.
This legislation authorizes the Director of Finance and Management to execute those documents necessary to enter into a two year lease with SON Capital Investments, LLC, for a term beginning April 1, 2010 and ending March 31, 2012 to operate the food and sundry store lo...
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