Explanation
BACKGROUND: The City has leased office space at 750 East Long Street, Columbus, Ohio for the past fifteen (15) years for use by the Columbus Division of Police from King Lincoln Gateway LLC. The Lease requires that in addition to base rent, the City pay its prorata share of all operating expenses for the building as additional rent. An estimated amount of the operating expenses are paid in advance each month of the lease year as part of the monthly rent. A “true-up” of these expenses is reconciled at the end of each lease year. The budgeted amount for the true-up of 2020 operating expenses that are payable in 2021 was insufficient.
This ordinance authorizes the appropriation and expenditure of $63,017.71 within the Special Income Tax Fund and authorizes the Department of Finance and Management, Real Estate Management Office, to pay the City’s pro rata share of 2020 building operating expense associated with the lease of office space at 750 East Long Street.
Fiscal Impact: This ordinance authorizes the appropriation and expenditure of $63,017.71 from the Special Income Tax Fund for payment of the City’s prorata share of building operating expenses associated with the City’s lease at 750 East Long Street, Columbus, Ohio ($63,017.71).
Emergency Action: Emergency action is requested to allow for the timely payment of the City’s pro rata share of building operating expenses associated with the 2020 lease year that are now due and payable.
Title
To authorize the Finance and Management Director, on behalf of the Real Estate Management Office, to pay rental expenses associated with a lease of office space located at 750 East Long Street; to authorize the appropriation and expenditure of $63,017.71 from the Special Income Tax Fund, and to declare an emergency ($63,017.71).
Body
WHEREAS, the Finance and Management Department, Real Estate Management Office, is responsible for the payment of rental expenses associated with the City’s lease at ...
Click here for full text