Explanation
Background: The City originally entered into a Sublease Agreement with SON Capital Investments, LLC in 2010, as approved by Ordinance #1033-2010, for the operation of a food and sundry store and coffee cart at the Municipal Court Building located at 375 S. High Street. The Sublease Agreement provided for an initial term of two (2) years with five (5) consecutive renewal terms of one (1) year. The fifth and final one year renewal term expires on March 31, 2017.
The City and SON Capital Investments, LLC now desire to amend the current Sublease Agreement to extend the term for two (2) additional consecutive six (6) month renewals; increase the monthly rent rate from $700.00 to $800.00; and, amend any other related terms as may be necessary. This amendment allows the City the opportunity to research options for this service.This ordinance authorizes the Director of Finance and Management to execute those documents necessary to enter into a First Amendment to Sublease Agreement with SON Capital Investments, Inc. to extend the term and increase the rent for the extended term.
Fiscal Impact: This ordinance authorizes the Finance and Management Director to extend an existing Sublease Agreement. No City funds will be expended, however this First Amendment to Sublease Agreement will provide income to the City of $4,800.00 for the first six-month term. This income is deposited into the general fund.
Emergency Justification: Emergency action is requested to allow for the Sublease to continue without interruption.
Title
To authorize the Director of Finance and Management to enter into a First Amendment to Sublease Agreement with SON Capital Investments, Inc. to extend the term for space leased to operate a food and sundry store and coffee cart at the Municipal Court Building, 375 S. High Street; and, to declare an emergency.
Body
WHEREAS, the City and SON Capital Investments, LLC entered into a Sublease Agreement in 2010, as approved by City Coun...
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