Explanation
BACKGROUND:
This ordinance authorizes the appropriation and expenditure of $881,750.00 within the Debt Retirement Fund and authorizes the Department of Finance and Management, Real Estate Management Office, to pay rent for six (6) existing lease agreements for office space leased for the benefit of the Municipal Court, the Department of Development, the Department of the Inspector General, the Department of Neighborhoods and the Department of Public Safety and for rent associated with an internal Memorandum of Understanding (MOU) with the Department of Public Utilities for use of office space at 1250 Fairwood Avenue by other city departments. Each of the six lease agreements and the MOU agreement have automatic renewal options that are subject to appropriation and funding by Council for payment of the associated rents.
Fiscal Impact: This ordinance authorizes the appropriation and expenditure of $881,750.00 from the Debt Retirement Fund for payment of rent associated with leases and an internal Memorandum of Understanding for the 2024-2025 renewal term. $881,750.00 is budgeted for 2024 within Fund 4430, the Debt Retirement Fund for the Department of Finance and Management, Real Estate Management Office to pay rent associated with leased office space.
Emergency Action: Emergency action is requested to allow for the timely payment of rent associated with the 2024 lease term for each lease and the Memorandum of Understanding.
Title
To authorize the Finance and Management Director, on behalf of the Real Estate Management Office, to pay rent associated with lease agreements for leased office space at existing locations and for an internal Memorandum of Understanding for the 2024 term; to authorize the appropriation and expenditure of $881,750.00 from the Debt Retirement Fund; and to declare an emergency ($881,750.00)
Body
WHEREAS, the Finance and Management Department, Real Estate Management Office, is responsible for leasing commercial pr...
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