Explanation
Background: Since October 1, 2022, the City has leased approximately 3,428 square feet of medical office space located at 5770 Karl Road, on behalf of Columbus Public Health, to house a Women, Infants and Children (WIC) clinic. The current Lease Agreement (“Lease”), effective October 1, 2022 and authorized by City Council Ordinance 2261-2022, is by and between 480 Properties, LLC as the Landlord and the City as the Tenant. 480 Properties, LLC recently sold the 5770 Karl Road property and the City’s leasehold interest to AMAAR Properties LTD.
In order to memorialize this change in the Landlord in the Lease Agreement, the City and AMAAR Properties LTD, as successor in interest to 480 Properties, LLC, desire to enter into a First Amendment to Lease Agreement to assign the Lease Agreement to AMAAR Properties LTD as Landlord and to change the Rent Payment Address and the Notice provisions in the Lease to reflect the correct address for the new Landlord.
This legislation authorizes the Director of Finance and Management to execute those documents necessary to enter into a First Amendment to Lease Agreement with AMAAR Properties LTD of that certain Lease Agreement, effective October 1, 2022, to recognize AMAAR Properties LTD as the successor in interest to 480 Properties, LLC as Landlord and to revise the Rent Payment Address and the Notice provisions of the Lease to indicate the correct address for the new Landlord. All other terms, conditions, and provisions of the Lease will remain unchanged and in full force and effect. This legislation is presented as emergency measure.
Fiscal Impact: $0.00
Emergency Action: This legislation is presented as an emergency measure to allow for payment of the November monthly rent to the new ownership entity as the Landlord at the earliest possible date to comply with the terms of the Lease.
Title
To authorize the Director of Finance and Management to execute those documents necessary to enter into a First...
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