Label
Government Center Lease Amendment
Department of Neighborhood and Business Development/Department of Law
Bill Burkett (x1692), Paul F. Syring (x1025)
(Revised)
Title
Authorizing the Mayor to enter into an amended lease agreement for municipal office space in One Government Center; authorizing the expenditure for rent payments pursuant to said amended lease; authorizing the Mayor to execute and deliver needed instruments to facilitate the State of Ohio's conveyance of One Government Center to the Toledo-Lucas County Port Authority; and declaring an emergency.
Body
SUMMARY AND BACKGROUND:
Pursuant to the authority of Ordinance 215-17 the City of Toledo entered into a lease agreement with the State of Ohio, Department of Administrative Services for municipal office space in One Government Center. This current lease is for a five year term beginning July 1, 2016 and expiring, June 30, 2021. The State of Ohio Department of Administrative Services has now reached an agreement for the conveyance of One Government Center to the Toledo-Lucas County Port Authority. This conveyance is conditioned upon the assignment of the current lease, among other matters, the City entering into an amendment to the current lease as requested by the Toledo-Lucas County Port Authority. The amendment has an initial term of ten years commencing on January 1, 2019 and expiring on December 31, 2028. The amendment contains an option for the City to renew the lease for two successive and continuous terms of five years each. This rent will be constant for the first five years of the amended term at the existing rate of $8.95 per square foot. The amended lease eliminates the City's option to terminate upon 90 days notice. In years six thru ten for the amended term the rental rate will increase 2% each year. A copy of the proposed amended lease in its substantial final form is attached as Exhibit A.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
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