Explanation
BACKGROUND: This ordinance authorizes the appropriation of $1,397,877.00 and the expenditure of $919,554.00 within the Special Income Tax Fund and authorizes the Department of Finance and Management, Real Estate Management Office, to pay rent for six (6) existing lease agreements for office space leased for the benefit of the Municipal Court, the Department of Development, the Department of Neighborhoods, the Department of Public Safety, and for rent associated with an internal Memorandum of Understanding with the Department of Public Utilities for the use of office space by other city departments at 1250 Fairwood. Four of the lease agreements and the MOU agreement have automatic renewal options that are subject to appropriation and funding by Council for payment of the associated rents. This ordinance also authorizes the Director of the Department of Finance and Management to execute those documents necessary to execute a Second Amendment Lease Agreement with YTD Sinclair Road, LLC, to extend the term for five (5) consecutive terms of one (1) year each commencing August 1, 2022 and amend other related terms as necessary. This legislation is presented as emergency measure in order for the City’s occupancy of these office locations to continue uninterrupted and allow for the timely payment of rent associated with these leases.
Fiscal Impact: This ordinance authorizes the appropriation of $1,397,877.00 and the expenditure of $919,554.00 from the Special Income Tax Fund for payment of rent associated with leases and an internal Memorandum of Understanding for the 2022-2023 renewal term. The remaining appropriation will be expended by future ordinances. $1,397,877.00 is budgeted within the 2022 Special Income Tax Fund for the Department of Finance and Management, Real Estate Management Office to pay rent for leased office space.
Emergency Action: Emergency action is requested to allow for the timely payment of rent associated with the 2022 term fo...
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