Explanation
BACKGROUND: This ordinance authorizes the expenditure of $926,000.00 or so much thereof that may be necessary by the Department of Finance and Management, Real Estate Management Office, for payment of rent for three (3) existing lease agreements for office and warehouse space used by the Department of Public Safety.
The expenditure authorized by this ordinance is for payment of rent for three (3) leases containing automatic renewal provisions that are subject to the appropriation of rental funds by City Council and certification of funds availability by the City Auditor defined as follows: the eighth year of a fifteen (15) year lease with Gideon Development Partners LLC authorized by City Council Ordinance 2212-2004 and assigned to King Lincoln Gateway LLC for the term 4/1/2013 to 3/31/2014 ($465,000.00); the eighth year of a fifteen (15) year lease with King Lincoln Gateway LLC authorized by City Council Ordinance 0690-2006 for the term 4/1/2013 to 3/31/2014 ($130,000.00); and the third of six (6) one-year renewal terms with Lessor, LLC authorized by City Council Ordinance 0372-2010 for the term 8/1/2013 to 7/31/2014 ($331,000).
Fiscal Impact: This ordinance expends $926,000.00 or so much thereof that may be necessary from the 2013 General Fund as approved by Columbus City Council for the payment of rent for the three (3) leases.
Emergency Action: Emergency action is requested to allow for the timely payment of rents that are due coinciding with the renewal date for each of the three leases.
Title
To authorize the Director of the Department of Finance and Management to expend $926,000.00, or so much thereof that may be necessary, for the payment of rent for three (3) lease agreements for office and warehouse space used by the Department of Public Safety; and to declare an emergency. ($926,000.00)
Body
WHEREAS, the Finance and Management Department, Real Estate Management Office, is responsible for leasing commercial propertie...
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