Explanation
Background: Pursuant to Ordinance 2212-2004 the City and Gideon Development Partners, LLC entered into a lease for office space to relocate the Internal Affairs Bureau of the Division of Police in the proposed building to be constructed at northeast corner of Long and Hamilton. In the lease the City agreed to provide 40 parking spaces in the City owned lot abutting on the east, for use by the Division of Police during the term of the lease. The office lease is renewable by the City yearly for 15 years subject to City Council's annual appropriation of payments due under the lease and is terminable without penalty or liability to the landlord for failure to appropriate such funds in any subsequent year. The lease was subsequently assigned to the King Lincoln Gateway, LLC, who desires to have the right to the 40 parking spaces continue even if the City terminates prior to the end of 15 years. In the event of early termination or non-renewal by the City, the Landlord, King Lincoln Gateway, LLC, will pay rent to the City for the continued use of the parking spaces at $100.00 annually per space. This legislation authorizes the Director of the Department of Development to execute the proposed lease agreement.
Fiscal Impact: No funding is required for this legislation.
Emergency Justification: An executed lease for the parking spaces is needed by King Lincoln Gateway, LLC by October 31, 2005 in order to secure permanent financing for construction of the office building.
Title
To authorize the Director of the Department of Development to execute those documents necessary to enter into a lease agreement between the City and King Lincoln Gateway, LLC for forty (40) parking spaces in the City owned parking lot located at northwest corner of East Long and Garfield; and to declare an emergency.
Body
WHEREAS, pursuant to Ordinance 2212-2004 the City and Gideon Development Partners, LLC entered into a lease agreement for office sp...
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