Explanation
BACKGROUND: The Division of Police has occupied space in the Jaeger Commerce Center, at 560 Nationwide Boulevard, since 1996. Upon expiration of the existing lease on May 7, 2008, a new lease was negotiated and approved by City Council (0752-2008). The new lease was for a three (3) month term and provided for a three (3) month renewal option to allow the City time to complete construction and renovations at several City-owned buildings for occupancy by the various Divisions units housed in the leased space at 560 Nationwide. One of the locations to be renovated that was expected to be ready for occupancy in August, encountered a delay that will push back occupancy until late November. The original three month renewal will not provide adequate time for the new premises to be ready for occupancy. The Lessor has agreed to amend the existing lease to allow a four month extension and to reduce the size of the leased space.
This legislation will allow the Director of Finance and Management, on behalf of the Department of Public Safety, to execute those documents necessary to amend the lease to extend the lease renewal to a four (4) month term and to decerease the size of the leased space. Authorization is requested to amend and extend the lease to provide for a four (4) month renewal term that shall expire December 7, 2008 and to decrease the space leased from 24,000 square feet to 9,408 square feet. Monthly rent for the renewal term will decrease from $9,700 to $3,802.40. Total cost of the four month renewal term will be $15,209.60.
Emergency action is requested to allow immediate commencement of the lease renewal and to provide funding for the beginning date of the lease renewal.
Fiscal Impact: This ordinance authorizes the expenditure of $15,209.60 from the Special Income Tax Fund appropriated through Ordinance 0075-2008, passed February 11, 2008 to Jaeger Commerce Park Ltd. Partnership Contract Compliance Number 31-1244129, expiration ...
Click here for full text