Label
DPU121019811JEFFERSONAVELEASE
ENGINEERING SERVICES
Doug Stephens (x1006)
Title
Authorizing the mayor to enter into a lease agreement with Water Street Development, LLC for approximately 22,000 square feet of office, storage and parking space at 811 Jefferson Avenue for the Division of Engineering Services for a term of twelve years, including three 5-year options to renew; authorizing the expenditure from the General Fund, the Street Construction, Maintenance and Repair Fund, the Capital Improvement Program Fund, the Water Operating Fund, the Sewer Operating Fund, and the Storm Water Utility Operating Fund; authorizing the expenditure for said lease; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Division of Engineering Services currently operates offices on the third floor of One Lake Erie Center, 600 Jefferson Ave., through a lease agreement with George F. Eyde Family, LLC which is due to expire on March 31, 2021. On or about January 1, 2018, a water leak that occurred within the leased premises caused damage to the property that requires restoration. The lessor does not have suitable space available to relocate the Division of Engineering Services in order for these damages to be restored; therefore, it has been agreed upon by both parties to terminate the lease early per Article 12.2 of said lease.
The Division has since located a suitable alternative location which includes approximately 22,000 square feet of office and storage space as well as ample, secure parking. This property, located at 811 Jefferson Ave., Toledo, is available for lease, including 100 parking spaces, at an amount of $38,914 per month for the first five years of the lease and then $30,214 per month. This ordinance authorizes this lease amount as well as an annual increase in the common area maintenance (CAM) expenses, based on the consumer price index (CPI) capped at 2%.
The fiscal impact of this ordinance is as follows:
- The amount of funds requested: ...
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