Fiscal Note
Rent payable during the first year shall be $73,542 per year and will increase finally increase by 1.5% annually starting on December 1, 2017. The City shall be responsible for all data, computer and telephone services. Funds are available in a segregated fund which is used to account for revenues and expenditures associated with the Police Department activities conducted at this location.
Title
Authorizing the execution of a First Amendment to the Lease for office space located at 2801 Crossroads Drive for Police Department administration use.
Body
WHEREAS, 2801 Crossroads Drive LLC and the City entered into a Lease dated October 21, 2011 (“Lease”) for office space located at 2801 Crossroads Drive and consisting of approximately 4,326 square feet; and
WHEREAS, pursuant to the Assignment of Leases dated March 18, 2016, the Lease was assigned from 2801 Crossroads Drive LLC to the IA High Crossing, LLC (“Lessor”); and
WHEREAS, the initial term of the Lease was for the period commencing on December 1, 2011 and expiring on November 30, 2016; and
WHEREAS, the Lessor and the City desire to extend the term and modify certain other provisions of the Lease.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a First Amendment to Lease (“First Amendment”) with the Lessor for space within the building located at 2801 Crossroads Drive for Police Department administration use, subject to the following terms and conditions:
1. The Lease term shall be extended for a period of three (3) years, commencing on December 1, 2016 and, unless terminated early or renewed in accordance with the Lease (as amended), ending on November 30, 2019 (“Extended Term”).
2. The City’s existing right to terminate the Lease due to budgetary constraints shall be deleted.
3. Subject to the rent adjustment provision set forth below, the City shall pay to the Lessor rent (“Rent”) for the Leased Premises during the Extended Term in the amount of $7...
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