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
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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.
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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