Fiscal Note
This lease requires the City to pay a gross annual rent of $15.53 per square foot, which includes all utility and maintenance costs. Annual costs for 2009 will be $149,041.00. Base annual rent is subject to a 3.5% increase every year. During October, November and December of 2008 the rent will be discounted and based on $10.00 per square foot per annum. Funding is included in Metro's operating budgets.
Title
Authorizing the Mayor and the City Clerk to execute a lease for Metro Transit administrative office space at 1245 E. Washington Avenue.
Body
PREAMBLE
Metro Transit’s main facility is located at 1101 East Washington Avenue. This location houses Metro’s Maintenance, Operations, General Administration, Finance, and Information Technology units. In addition, for the past 18 years Metro has leased office space at 1049 East Washington Avenue. Staff in the Planning, Paratransit, Marketing and Customer Service units work at that facility.
To address overcrowding in the Operations and Maintenance office spaces, staff has been exploring options that will replace the leased space at 1049 East Washington Avenue with leased space large enough to house all of Metro administrative functions. This brings all of the administrative functions together under one roof, and allows the Maintenance and Operations units to function more effectively until the remodel/expansion occurs.
WHEREAS, Metro Transit has outgrown its current space; and
WHEREAS, the City has looked at a number of alternatives, and the 1245 E. Washington Avenue location will best meet Metro Transit’s needs;
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a lease (the “Lease”) with Yahara Square Associates, LLP or assigns (Lessor) subject to the following terms and conditions:
1. The term of the lease shall be eight years (8) years and three months beginning on October 1, 2008 (the “Commencement Date”) and ending on December 31, 2016.The Leased ...
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