Explanation
Background: The City is the owner of certain improved property and a certain office building located at 1393 East Broad Street, Columbus, Ohio 43205 (Model Neighborhoods). The office building houses the Near East Neighborhood Pride Center and several non-profit corporation tenants. The office building has space available for lease on the third floor. Columbus Next Generation Corporation (Next Gen) desires to rent and occupy Suite 301 for business office purposes at the earliest possible date. It currently leases office space at another location and the landlord of that space wishes to terminate that lease as soon as Next Gen can move into alternative office space.
This legislation authorizes the Director of the Department of Finance and Management to enter into a lease agreement with Columbus Next Generation Corporation, an Ohio non-profit corporation, for lease of office space, identified as Suite 310, for an initial one-year term beginning on October 1, 2016.
Emergency action is requested for approval of the lease in order to allow Columbus Next Generation Corporation to occupy the office space at 1393 E. Broad by the lease commencement of October 1, 2016 and allow the City to immediately begin receiving rent proceeds.
Fiscal Impact: The City will receive rental funds for the term of the lease and any renewal thereof which will be deposited in the General Permanent Improvement Fund Project 590701 100000 45-07, Fund 7748 to be used to support the capital costs associated for repairs and replacements of the interior and exterior building components of the real property that have reached the end of their useful life.
Title
To authorize the Director of the Department of Finance and Management to execute those documents necessary to enter into a lease agreement with Columbus Next Generation Corporation, an Ohio non-profit corporation, for the lease of office space at 1393 E. Broad; and to declare an emergency.
Body
WHEREAS, the City is th...
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