File #: 19-201    Version: 1
Type: Action Item Status: Agenda Ready
In control: Urban Renewal Agency
On agenda: 5/28/2019 Final action: 5/28/2019
Title: Retail lease for Agency-owned property at 279 Chemeketa Street NE Ward(s): 1 Board Member(s): Kaser Neighborhood(s): CANDO Result Area(s): Good Governance; Strong and Diverse Economy; Welcoming and Livable Community.
Attachments: 1. Proposed Lease
Related files:

TO:                      Urban Renewal Agency Board   

THROUGH:                      Steve Powers, Executive Director  

FROM:                      Kristin Retherford, Urban Development Dept. Director

 

SUBJECT:

title

 

Retail lease for Agency-owned property at 279 Chemeketa Street NE    

 

Ward(s): 1 

Board Member(s): Kaser

Neighborhood(s):  CANDO

Result Area(s):  Good Governance; Strong and Diverse Economy; Welcoming and Livable Community.    

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ISSUE:

 

Shall the Agency Board authorize the Executive Director to execute the attached lease with Kiki B’s O’Hana Salon for retail space located at 279 Chemeketa Street NE?    

 

RECOMMENDATION:

recommendation

 

Authorize the Executive Director to execute the attached lease with Kiki B’s O’Hana Salon for retail space located at 279 Chemeketa Street NE.  

 

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SUMMARY:

 

On March 29, 2019, the Urban Renewal Agency acquired a portfolio of property (Property) located in downtown Salem bounded by Commercial Street NE, Chemeketa Street NE, Front Street NE, and Marion Street NE. The Property was acquired with several tenants in place. One of the tenants, Kiki B’s O’Hana Salon (Kim C. Bender, owner)(Lessee), occupies the space with only a verbal lease.     

 

FACTS AND FINDINGS:

 

In order to formalize Lessee’s interest in the space, a new lease (Lease)(Attachment 1) is necessary. Key facts of the lease are below.

 

Start date:                                          June 1, 2019

Expiration Date:                       February 28, 2021

Square Feet:                                          832

Rate:                                                               $550/month

Expenses:                                          Lessee responsibility   

 

 

BACKGROUND:

 

The Agency entered into an agreement to acquire the Property on November 19, 2018. The Property, along with adjacent property owned by the Union Gospel Mission (UGM) which is currently under contract for purchase by the Agency, will be used as a redevelopment site once UGM has relocated to its new facility. All revenue from the Lease will flow to the Riverfront-Downtown Urban Renewal Area.   

 

 

                     Clint Dameron     

                     Real Property Services Manager     

 

Attachments:

1.  Proposed Lease.