Explanation
Background: The City has leased approximately 36,879 square feet of office/warehouse space located at 2028 Williams Road since November 2002 to house the central warehouse operations of the Division of Fire. The current Lease Agreement (“Lease”), as modified by two amendments, will terminate on January 31, 2016. The Division of Fire central warehouse operations will move to 4252 Groves Road upon completion of renovations at that site. Completion of renovations at Groves Road necessary to accomodate the warehouse function have been delayed thus necessitating the need for the central warehouse to remain at Williams Road. It is projected that the warehouse operation will move to 4252 Groves Road in mid-2017 which requires that an additional renewal term to be added to the current Lease.
The City and Empire Real Estate Holdings, LLC desire to amend the current Lease to extend its term by providing for up to two (2) additional consecutive automatic one (1) year renewals under the same terms and conditions, including rent. All other terms, conditions and provisions of the Lease will remain unchanged.
This legislation authorizes the Director of Finance and Management to execute a third amendment to the current Lease to extend its term by providing for up to two (2) additional consecutive one (1) year terms for the lease of office/warehouse space located at 2028 Williams Road, and authorizes the expenditure of $108,793.04 from the Finance and Management, Real Estate Management Office 2015 General Fund budget for payment of the rental cost associated with the one (1) year renewal term that begins February 1, 2016.
Fiscal Impact: This ordinance expends $108,793.04 from the Finance and Management, Real Estate Management Office 2015 General Fund budget for the 2016 renewal term of the Lease.
Title
To authorize the Director of Finance and Management to execute those documents necessary to enter into a Third Amendment To Lease Agreement with Empire R...
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