Label
DNBD BelieveCenterLease2019
Development / Real Estate
Brandon Sehlhorst (x1692)
(Revised)
Title
Authorizing the mayor to enter into a five (5) year Lease, with an option for an additional five (5) year renewal period as well as other provisions, between the City of Toledo ("City") and Believe Center, Inc., ("Center") located at 1 Aurora L. Gonzalez Drive, Toledo, Ohio 43609; accepting and depositing rent proceeds into the General Fund; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This legislation authorizes the mayor to enter into a new lease for an initial term of five (5) years with a renewal option for an additional five (5) years at an annual rent of $500. Operating expenses, including taxes and insurance are to be paid by Center, except that any maintenance expense greater than $500 per occurrence for year 1 to year 3 of Term and $1,000 per occurrence for year 4 and year 5 of Term are to be paid by city. All utilities, except telecommunications (i.e. internet, phone, cable, etc.) will be paid by city. No assignments or sublease rentals will be permitted without the prior written consent of city and a standard form of rental agreement is included with the lease. Finally, there are preventative maintenance rules in effect intended to preserve the longevity of the facility.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the mayor authorized to execute a lease agreement between the City of Toledo and Believe Center, Inc., for a term of five (5) years and an additional one (1) renewal term of five (5) years. The agreement shall contain such terms and conditions deemed necessary and proper by the mayor, the Director of Neighborhood and Business Development and the Director of Law
SECTION 2. That the lease shall contain an annual rent of $500 excluding operating expenses for any insurance premiums, maintenance expenses, and utilities as required by the Lease.
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