Explanation
Background: Since November 2002, the City has leased approximately 36,879 square feet of office/warehouse space located at 2028 Williams Road from Viking Properties to house the central warehouse operations of the Division of Fire. The current Lease Agreement, dated February 12, 2009, was amended by the First Amendment To Lease Agreement, dated January 10, 2012, as approved by City Council Ordinance 1955-2011, collectively referred to hereinafter as the “Lease”, will expire on January 31, 2014.
On June 6, 2013 Viking Properties assigned its interest in the 2028 Williams Road property and the Lease to a new legal entity Empire Real Estate Holdings LLC that is owned by the same principals as Viking Properties.
The City and Empire Real Estate Holdings LLC, as the successor in interest to Viking Properties, desire to enter into a Second Amendment To Lease Agreement to provide for the assignment of the Lease to Empire Real Estate Holdings LLC and to extend the Lease term an additional one (1) year and to add an additional automatic one (1) year renewal, with said automatic renewal being subject to the subsequent appropriation of funds by Columbus City Council and certification of funds availability by the City Auditor. All other terms, conditions, and provisions of the Lease will remain unchanged.
This legislation authorizes the Director of Finance and Management to execute those documents necessary to enter into a Second Amendment To Lease Agreement to assign the existing Lease between the City and Viking Properties for the lease of office/warehouse space located at 2028 Williams Road to Empire Real Estate Holdings LLC, FIN #46-2835490 and to further extend the term of the Lease; and also authorizes the appropriation and expenditure of $108,793.04 from the 2013 Special Income Tax Fund for payment of the rental cost associated with the one (1) year term beginning February 1, 2014.
Fiscal Impact: This ordinance appropriates and expends $108,793.0...
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