Explanation
Background: This legislation authorizes the Director of Finance and Management to execute a new Lease Agreement with Columbus Next Generation Corporation, as Tenant, for 2,826 rentable square feet of office space located on the third floor at 1393 East Broad Street. Columbus Next Generation Corporation has been a tenant in the building since 2016. The existing lease with Columbus Next Generation Corporation has no renewal options remaining and it is necessary to enter into a new lease agreement. The new lease will be for a one (1) year term with four (4) automatic one-year renewal options. This legislation is presented as emergency measure.
Emergency Action: This legislation is presented as an emergency measure to allow for an existing Tenant to immediately enter into a new lease agreement and remain in their office space.
Fiscal Impact: The lease will generate an annual rental income to the City of $35,325.00.
Title
To authorize the Director of Finance and Management to execute a Lease Agreement with Columbus Next Generation Corporation for office space leased at 1393 East Broad Street, and to declare an emergency. ($0.00).
Body
WHEREAS, the Department of Finance and Management through its Real Estate Management Office, leases office space at the City-owned property at 1393 East Broad Street; and
WHEREAS, the existing lease has no renewal options remaining and it is necessary to enter into a new Lease Agreement with the Tenant, Columbus Next Generation Corporation; and
WHEREAS, the Department of Finance and Management, Real Estate Management Office, has negotiated the terms and conditions of the new lease that are acceptable to the City; and
WHEREAS, an emergency exists in the usual daily operation of the Finance and Management Department in that it is necessary to authorize the Director of the Department of Finance and Management, on behalf of the City, to execute a new Lease Agreement with Columbus Next Generation Corpor...
Click here for full text