Explanation
BACKGROUND: The City currently leases approximately 1,614 square feet of office space at 1186 W. Broad Street for the Department of Development, Franklinton Pride Center. Due to the deaths of the property owners Tom and Agnes Zanetos, ownership of the property has passed to the estate in the name of “Tom Zanetos 12/22/2004 Amended and Restated Trust” with Gregory Zanetos, as the acting successor trustee.
The current lease will expire on March 31, 2014. Until all estate matters can be dealt with and concluded, it is in the best interest of the City and the Zanetos family to extend the current lease for one additional year under the same terms and conditions. This legislation authorizes the Director of Finance and Management to execute those documents necessary to assign of the existing Lease Agreement dated July 1, 2009 between the City and Tom Zanetos and Agnes Zanetos, to the “Tom Zanetos 12/22/2004 Amended and Restated Trust” (Contract Compliance #467132497, 1/28/2016), to extend the term of the Lease, and authorizes the appropriation and expenditure of $11,895.24 from the 2014 Special Income Tax Fund for payment of the rental cost associated with the one (1) year lease term beginning April 1, 2014.
Fiscal Impact: This ordinance appropriates and expends $11,895.24 from the 2014 Special Income Tax Fund for payment of the rental cost for the office space located at 1186 W. Broad for the extended one year term.
Emergency Action: Emergency action is requested in order to allow the Franklinton Pride Center to continue offering programs and services to the community without interruption.
Title
To authorize the Director of the Department of Finance and Management to execute those documents necessary to assign a Lease Agreement between the City and Tom Zanetos and Agnes Zanetos to the “Tom Zanetos 12/22/2004 Amended and Restated Trust” (Contract Compliance Number 467132497); to extend the lease under the same terms and conditions for one (1) ...
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