Explanation
Background:
The Recreation and Parks Department desires to exercise its first option to renew a five-year lease agreement for 18,000 square feet of space in the Morse Center Shopping Center currently used as a senior center.
The property is located at 4665-4667 Morse Center Drive and is owned by MC-NC, LLC, a Missouri Limited Liability Company. The property has been renovated to accommodate the needs of senior center programming.
The base rent is $7.00 per square foot, $90,000 per year, $450,000 for the life of the lease. Taxes, Common Area Maintenance (CAM) charges , and insurance add an estimated $3.00 per square foot, for an additional $290,000 over the five year lease period. Taxes and CAM charges and insurance will be adjusted annually to reflect their actual costs.
CAM charges include snow removal, lawn care, security system, etc.
The lease includes two (2) additional five-year options for renewal.
The Federal I.D. Number for MC-NC, LLC Company is #20-1078935.
Emergency action is requested to allow the lease to be renewed and to meet the schedule outlined in the original lease.
Fiscal Impact:
$740,000.00 is required from the Special Income Tax Fund to meet the financial obligation of this lease agreement covering years 2005 through 2009. Ordinance 3015-99 authorized $630,00.00 for years 2000 through 2004 at $126,000.00 per year.
Title
To authorize and direct the Director of Recreation and Parks to exercise the first five-year option in the lease agreement with MC-NC, LLC Company for space for the operation of a senior center, to authorize the appropriation of $740,000.00 from the unappropriated balance of the Special Income Tax Fund, to authorize the expenditure of $740,000.00 from the Special Income Tax Fund, and to declare an emergency. ($740,000.00)
Body
WHEREAS, the City of Columbus desires to continue operating at 4665-4667 Morse Center Drive as a senior center facility; and
WHEREA...
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