TO: Mayor and City Council
THROUGH: Keith Stahley, City Manager
FROM: Kristin Retherford, Community Planning and Development Department Director
SUBJECT:
title
Amendment to lease with the James A. Eastridge Living Trust for use of real property located at the intersection of Front Street SE and Ferry Street SE.
Ward(s): 2
Councilor(s): Nishioka
Neighborhood(s): CANDO
Result Area(s): Good Governance; Welcoming and Livable Community.
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SUMMARY:
summary
The City property located at the intersection of Ferry Street SE and Front Street SE identified as tax lot 073W27BA02300 (Property) is currently used for off-street parking and is currently under lease with the James A. Eastridge Living Trust (Lessee) (Lease) (Attachment 1). Staff and Lessee desire to amend the Lease to modify the termination date and renewal option in preparation for City’s construction of water infrastructure improvements on the Property.
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ISSUE:
Shall City Council authorize the City Manager to execute the attached lease amendment?
RECOMMENDATION:
recommendation
Authorize the City Manager to execute the attached lease amendment.
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FACTS AND FINDINGS:
Staff and Lessee have come to terms on a proposed amendment (Amendment) (Attachment 2) to the Lease. Key terms of the Amendment are below.
Current Termination Date: July 31, 2024
Revised Termination Date: March 31, 2025
Option Term: Removal of current one-year renewal option
BACKGROUND:
Rental revenue from the Lease will go the General Fund. Beginning in April 2025, the Public Works Department plans to relocate City water infrastructure from under Front Street SE to the Property.
Clint Dameron
Real Property Services Manager
Attachments:
1. Lease
2. Amendment