Explanation
Background: The City of Columbus, ("Tenant") entered into a Lease Agreement with The 3042 McKinley Trust, dated May 19, 2006 for the lease of approximately 15,292 square feet of space located at 3042 McKinley Avenue, Columbus, Ohio 43204. The City now desires to enter into Lease Extension #3 with The 3042 McKinley Company ("Landlord"), an Ohio limited liability company, as successor in interest to The 3042 McKinley Trust, pursuant to an Assignment and Assumption Agreement dated May 4, 2007. The office space is used in the daily operations of the Department of Public Safety, Columbus Police Department. After investigation by the Department of Public Safety, it has been determined that the extension of the lease is in the best interest of the City and should be allowed. The following legislation authorizes the Director of the Department of Finance and Management to execute those documents necessary to enter into a six (6) month lease extension with The 3042 McKinley Company, with the City having the option to extend the lease for an additional (6) months, as long as the City gives the landlord notice of its desire to extend prior to the last month of the current term.
The 3042 McKinley Company Contract Compliance Number 31-6334544, expiration date 02/02/2009.
Fiscal Impact: The necessary amount for this lease extension was budgeted and appropriated in the Special Income Tax Fund, through Ordinance 0075-2008, passed February 11, 2008.
Title
To authorize the Director of the Department of Finance and Management to execute those documents necessary to enter into a six (6) month lease extension with The 3042 McKinley Company with the City having the option to extend the lease for an additional (6) months, as long as the City gives the landlord notice of its desire to extend prior to the last month of the current term; to authorize the expenditure of $102,560.50 from the Special Income Tax Fund. ($102,560.50)
Body
WHEREAS...
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