Explanation
Background: This legislation authorizes the Director of Finance and Management to enter into a Second Amendment to Lease Agreement with AARP Foundation, as Tenant, for office space located at 1393 East Broad Street. AARP Foundation is a tenant in the building under a Lease Agreement dated August 1, 2017 and as amended by a First Amendment to Lease Agreement effective August 26, 2019. AARP is in need of additional office space in the building to provide services to senior citizens. This need can be accommodated by adding adjacent vacant office space (813 square feet) to AARP’s current office suite. The existing lease agreement will expire in September 2023 and the parties wish to extend the term of the Lease by adding an additional automatic three (3) year renewal term. The amendment will provide for the addition of the 813 square feet of office space, update the rent, and add an additional renewal term.This ordinance is presented as an emergency measure so that the City can immediately begin work to ready the additional space for AARP's occupancy.
Fiscal Impact: The lease of additional square footage will result in an increase of $10,162.50 in annual income.
Emergency Action: is requested so that the City can immediately begin work to ready the additional office space for AARP occupancy at the earliest possible date.
Title
To authorize the Director of Finance and Management to enter into a Second Amendment to Lease Agreement with AARP Foundation for additional leased office space 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, AARP Foundation, currently leases office space in the building under a Lease Agreement dated August 1, 2017 and as amended by a First Amendment to Lease Agreement effective August 26, 2019; and
WHEREAS, AARP Fou...
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