Label
Triversified Lease Amendment
Fire & Rescue
Assistant Director Kaminski & Chief Sheares (x3515)
Revised
Title
Authorizing the Mayor to enter into an amended commercial property lease with Triversified LLC for the lease of real property located at 1310 (aka 1302) Expressway Drive South, Toledo Ohio for the purpose of extending the lease term an additional five years and corresponding rent; authorizing the annual expenditure of funds; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
On October 19, 2020, pursuant to Ordinance 235-20, the Fire and Rescue Department entered a 5-year term property lease agreement with Triversified to house the Department's Special Operations and Homeland Security offices and equipment. Said agreement commenced on January 1, 2020 and terminates on December 31, 2024.
This Ordinance requests to amend the term and rent amount of the original agreement.
Term is amended to permit an additional 5 years beginning on January 1, 2025, and terminating on December 31, 2029.
Annual lease costs are as follows:
Year 2025 annual lease cost is not to exceed $19,065.00, payable in monthly installments of $1,588.75.
Year 2026 annual lease cost is not to exceed $19,530.00, payable in monthly installments of $1,627.50.
Year 2027 annual lease cost is not to exceed $19,995.00, payable in monthly installments of $1,627.50
Year 2028 annual lease cost is not to exceed $20,460.00, payable in monthly installments of $1,705.00
Year 2029 annual lease cost is not to exceed $20,925.00, payable in monthly installments of $1,743.75.
Summary
NOW THEREFORE Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor is authorized to execute an amended commercial property lease with Triversified LLC for a term of five years, effective January 1, 2025, for approximately 7,490 square feet of office and warehouse space located at 1310 (aka 1302) Expressway Drive South for use by the Toledo Fire and Rescue Department, upon te...
Click here for full text