Label
DEBD LeaseRenewal-ToledoZoologicalSociety-Parking
Department of Public Service
Development /Real Estate
Paul M. Rasmusson (x7868)
Title
Authorizing the Mayor to execute a Lease Renewal with Toledo Zoological Society for their use and operation of the Parking Lot, located at 2683 Broadway, Toledo, Ohio, authorizing the receipt and deposit of annual Lease payments; making certain findings and waivers with respect thereto; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This legislation authorizes the Mayor to execute a lease renewal with the Zoo. The Lease Renewal shall commence retroactively on January 1, 2021 and extend for an initial term of five (5) years. The reason it must be retroactive is because the Zoo has been a holdover tenant in possession of the Premises abiding by the terms of the original lease without the formality of a written lease; in addition, this lease renewal shall also contain one (1) renewal option for five (5) years. The annual rent for the Lease Renewal is $25,000. Operating expenses, including taxes and insurance are to be paid by Zoo and maintenance costs up to $5,000 shall be payable by the Zoo; any utility expenses incurred during the Lease Renewal will be paid by the city.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor and the Director of Economic Development are hereby authorized and directed to execute a Lease Renewal with the Toledo Zoological Society for the property located at 2683 Broadway ("Property") as shown in Exhibit "A" attached hereto and made a part hereof:
SECTION 2. That the Lease Renewal and needed instruments shall contain other terms and conditions deemed necessary and proper by the Mayor, the Department of Law and the Department of Economic Development.
SECTION 3. The Lease Renewal shall be for an initial five (5) year term, commencing retroactively on January 1, 2021, with one option to renew the term for an...
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