Fiscal Note
The proposed resolution authorizes execution of a lease for the Pinney Library temporary space at 209 Cottage Grove Avenue. The initial term of the Lease will be from December 1, 2018 to January 31, 2020, unless extended by City. The monthly rent for the temporary space is $12,387, or $161,031 over the term of the lease. The Library’s 2018 Adopted Operating Budget has sufficient funding for the one month of rent in 2018 and has included funding for rent of temporary space in their 2019 Operating Budget request. No additional City appropriation is required.
Title
Authorizing the execution of a lease with Star Investments LLC for temporary space at 209 Cottage Grove Avenue for the relocation of the Pinney Library. (15th A.D.)
Body
WHEREAS, the current lease for the Pinney Library located at 204 Cottage Grove Road expires on December 31, 2018 with no options to extend; and
WHEREAS, on June 20, 2017, the Common Council adopted RES-17-00539 (File No. 47522) authorizing the execution of a Purchase and Sale Agreement with RDC Development, LLC (“RDC”) for the purchase of a gray box condominium unit (“Unit”) for the Pinney Library located at 516 Cottage Grove Road (“the Property”); and
WHEREAS, the City expects to close on the Unit in the March 2019 depending on the current construction schedule, and is planning a nine months to build out the interior of the Unit with an additional month to move from this temporary location at 209 Cottage Grove.
NOW THEREFORE BE IT RESOLVED that the Common Council authorizes the Mayor and City Clerk to execute and record a lease (“Lease”) with Star Investments LLC (“Lessor”) on substantially the following terms and conditions:
1. Leased Premises. Lessor hereby leases to City the “Leased Premises” described as follows: Consisting of approximately 11,138 rentable square feet of the basement (the “Basement”) and 7,746 rentable square feet of space of first floor space (the “First Floor”) or a total of 18,884 rentable squ...
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