Explanation
Background: The City currently leases approximately 1,614 square feet of office space at 1186 W. Broad Street for the Department of Neighborhoods, Franklinton Pride Center. The present lease is in its final renewal term and expires March 31, 2018. The Department of Neighborhoods wishes to continue to provide services to clients from this location thus necessitating the need for a new lease. This legislation authorizes the Director of Finance and Management to execute a new lease with Integrated-Fairfield Holdings LLC, as Landlord, and authorizes the expenditure of funds for payment of rent. The lease shall be for an initial term of one year, commencing on April 1, 2018 and expiring on August 31, 2018, and include three (3) automatic six-month renewal terms with the final renewal expiring on February 28, 2020.
Fiscal Impact: Funding for the payment of annual rent in the amount of $14,526.00 for the initial term of the lease is budgeted in the 2018 Special Income Tax Fund.
Title
To authorize the Director of Finance and Management to execute a Lease Agreement with Integrated-Fairfield Holdings, LLC for office space located at 1186 West Broad Street; and to authorize the appropriation and expenditure of $14,526.00 from the 2018 Special Income Tax Fund. ($14,526.00).
Body
WHEREAS, the Department of Finance and Management, through its Real Estate Management Office, leases office space on behalf of the Department of Neighborhoods located at 1186 W. Broad Street for offices of the Franklinton Pride Center; and
WHEREAS, the current lease for office space is in its final renewal term and the Department of Neighborhoods desires to continue to operate the Franklinton Pride Center at 1186 W. Broad Street, it is necessary for the City to enter into a new lease agreement with the Landlord to continue occupancy; and
WHEREAS, the Department of Finance and Management through its Real Estate Management Office has negotiated terms and conditions for the ...
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