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File #: 21-423    Version: 1
Type: Action Item Status: Passed
In control: City Council
On agenda: 10/11/2021 Final action: 10/11/2021
Title: Lease with The Pentacle Theatre for city-owned retail space in the Liberty Parkade located at 197 Liberty Street SE Ward(s): 1 Councilor(s): Stapleton Neighborhood(s): CANDO Result Area(s): Good Governance; Strong and Diverse Economy; Welcoming and Livable Community
Attachments: 1. Lease
Related files:

TO:                      Mayor and City Council   

THROUGH:                      Steve Powers, City Manager   

FROM:                      Kristin Retherford, Urban Development Department Director 

                                          

SUBJECT:

title

 

Lease with The Pentacle Theatre for city-owned retail space in the Liberty Parkade located at 197 Liberty Street SE 

 

Ward(s): 1    

Councilor(s): Stapleton    

Neighborhood(s):  CANDO   

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

end

 

SUMMARY:

summary

 

The City-owned retail space in the Liberty Parkade currently has one vacancy. Staff has come to terms with The Pentacle Theatre (Lessee) (Lisa Joyce, Executive Director) on a lease (Lease) to occupy the space to house its ticket office, general offices, and small rehearsal space.    

end

 

ISSUE:

 

Shall City Council authorize the City Manager to execute the attached Lease with The Pentacle Theatre?   

 

 

RECOMMENDATION:

recommendation

 

Authorize the City Manager to execute the attached Lease with The Pentacle Theatre. 

 

body

 

FACTS AND FINDINGS:

 

Staff and Lessee have come to terms of a Lease (Attachment 1) for the vacant retail space at Liberty Parkade.  Key terms of the Lease are below.

Square Feet:                                                               2,438

Lease Term:                                                               January 1, 2022 - December 31, 2024

Renewal Options:                                          Three 3-year terms

Lease Rate:                                                               $1,755/month + expenses

Landlord Contribution:                     None  

 

BACKGROUND:

 

Revenue from the Lease will flow to the Liberty Parkade Leasehold Fund.  

 

                     Clint Dameron     

                     Real Property Services Manager    

 

Attachments:

1. Lease