Explanation
Background: This legislation authorizes the Director of the Department of Finance and Management to execute those documents necessary to enter into a lease amendment agreement with YDT Sinclair Road, LLC to amend the existing lease to add five (5) additional automatic renewals, each one-year in length, subject to the annual authorization of rental funds by City Council and certification of funds availability by the City Auditor. The Department of Public Safety wishes to continue to occupy its current leased space. The Real Estate Management Office has negotiated an extension of the lease with the landlord to allow for five additional one-year automatic renewal terms. YDT Sinclair Road, LLC has a Contract Compliance #88820-152055 with an Expiration Date of 12/10/2017. Previous Ordinance 0372-2010, approved by Council, authorized the original lease agreement in 2010.
Fiscal Impact: This ordinance authorizes the expenditure of $343,980.00 from the General Fund to YDT Sinclair Road, LLC for the 2017-2018 term of the lease which is the same amount as the current lease term. The Real Estate Management Office budgeted $343,980.00 for this purpose.
Title
To authorize the Director of the Department of Finance and Management to execute those documents necessary to amend and extend the current lease agreement with YDT Sinclair Road, LLC for the Department of Public Safety; and to authorize the expenditure of $343,980.00 from the General Fund. ($343,980.00)
Body
WHEREAS, the Department of Finance and Management through its Real Estate Management Office, leases various office and warehouse space on behalf of the Departments of Public Safety; and
WHEREAS, the Departments of Public Safety has requested that the current lease with YDT Sinclair Road, LLC be extended; and
WHEREAS, the Department of Finance and Management through its Real Estate Management Office has negotiated an extension of the lease; and
WHEREAS, funding for the payment of rents for...
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