Explanation
Background: The City of Columbus ("Lessee") entered into a lease agreement with Parkwick Professional Plaza, LLC, an Ohio Limited Liability Company ("Lessor"), dated August 9, 2007 for the lease of approximately 21,050 square feet of office space located on the far west side of Columbus for use by the Department of Public Safety to house units of the Columbus Police Department. The Lease, authorized by Ordinance No. 1185-2007, is for an initial term of one (1) year commencing on August 1, 2007 and terminating on July 31, 2008 and automatically renewing for four (4) successive terms of one (1) year each, subject to the appropriation of rental funds by City Council, unless either party gives written notice of its intent to terminate one hundred eighty (180) days prior to the then current term. After consultation with the Department of Public Safety, it has been determined that the renewal of the lease for the next one year term is in the best interest of the City and should be allowed. This legislation authorizes the Director of Finance and Management to expend funds for the payment of rent for the first of four (4) automatic lease renewals for a one (1) year term for the continued occupancy of this office space through July 31, 2009.
The Parkwick Professional Plaza, LLC Contract Compliance Number is 208016434, with an expiration date of 1/26/2009.
Fiscal Impact: This ordinance authorizes the expenditure of $305,225 from the Special Income Tax Fund appropriated pursuant to Ordinance No. 0075-2008, passed February 11, 2008, for lease payments for the first of four (4) successive one (1) year term automatic renewal.
Title
To authorize the Director of Finance and Management to expend funds for the Lease with Parkwick Professional Plaza, LLC for the first of four (4) successive automatic one (1) year renewals, with the term commencing on August 1, 2008 and terminating on July 31, 2009, and to authorize the expenditure of $305,225 f...
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