TO: City Council
THROUGH: Steve Powers, City Manager
FROM: Kristin Retherford, Urban Development Dept. Director
SUBJECT:
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Retail lease of property located at 311 Commercial Street NE
Ward(s): 1
Board Member(s): Kaser
Neighborhood(s): CANDO
Result Area(s): Good Governance; Welcoming and Livable Community.
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ISSUE:
Shall City Council authorize the City Manager to execute the attached lease for retail property with the Urban Renewal Agency of City of Salem?
RECOMMENDATION:
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Authorize the City Manager to execute the attached lease for retail property with the Urban Renewal Agency of City of Salem.
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SUMMARY:
In March 2019, the Urban Renewal Agency acquired a portfolio of property in the 300 block of Commercial Street NE for future redevelopment. Redevelopment of the property is scheduled for the second half of 2021. One of the previous tenants (Runaway Arts) recently vacated the property located at 311 Commercial Street NE (Property) and the City of Salem Public Library is in need of space to allow artisans to rehabilitate its miniature doll house.
FACTS AND FINDINGS:
Staff has come to terms for a short-term lease (Lease) with the Urban Renewal Agency City of Salem to utilize a portion of the Property. Key terms of the Lease are below.
Term: 7 ½ months, November 15, 2020 - June 30, 2021
Lease Rate: No cost.
Square Feet: 208
BACKGROUND:
The Property was acquired using Riverfront-Downtown Urban Renewal funds.
Clint Dameron
Real Property Services Manager
Attachments:
1. Proposed Lease