.Explanation
Background: The former Reeb Avenue Elementary School (“Building”) has been identified as the location for the delivery of programs to deliver vital social services, childcare, education, and related services to support the community and enhance the quality of life for South Side residents. The building is currently under construction to renovate and expand the Building, to house the South Side Neighborhood Pride Center and offices of a number of third party non-profit 501(c)(3) entities providing programs and services identified as paramount for the revitalization of the community. Reeb Avenue Center, an Ohio non-profit organization, has been identified as the “Master Tenant” that will lease space in the building to non-profit 501(c)(3) entities and manage the day-to-day operation of the building. The City and Reeb Avenue Center now desire to enter into a lease agreement for the use of that City Building and property located at 280 East Parsons Avenue. The proposed lease is for a period of twenty (20) years commencing upon the completion of the construction associated with the building renovation and addition. This ordinance also authorizes the City Auditor to establish a sub-fund, within Fund 294, into which all rent proceeds will be placed. The rent proceeds deposited in the sub-fund will be used by the City, at the Department of Finance and Management’s sole discretion, for the limited purpose of offsetting the costs related to the repair and replacement of interior and exterior building components including the replacement of roof, drainage, HVAC, mechanical, electrical, plumbing systems and related equipment, site improvements including sidewalks and parking areas, or city-owned furnishing that have reached the end of their useful life.
Fiscal Impact: The City will receive rental funds for the term of the lease that shall be deposited in Fund 294, Subfund 006, OCA 294006. These funds shall be be used at the Department of Finance and Managem...
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