TO: Mayor and City Council
THROUGH: Keith Stahley, City Manager
FROM: Kristin Retherford, Community Planning and Development Director
SUBJECT:
title
Lease with Create A Memory Ceramic Studio, Inc. for retail space located in the Chemeketa Parkade.
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
Create A Memory Ceramic Studio, Inc. (Ann M. Tucker, President) (Lessee) has been a tenant of the space located at 270 Commercial Street NE in the Chemeketa Parkade since July 2010. Lessee’s lease expired on October 31, 2023, and is currently in holdover status. Lessee desires to continue its occupancy with a new lease.
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ISSUE:
Shall City Council authorize the City Manager to execute the attached lease?
RECOMMENDATION:
recommendation
Authorize the City Manager to execute the attached lease.
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FACTS AND FINDINGS:
Staff and Lessee have come to terms on a new lease (Lease) (Attachment 1). Key terms of the Lease are below.
Premises: 2,959 square feet
Monthly Lease Rate: $3,343.67 ($1.13/s.f.), 2% annual increases
Lease Term: three years
Extension Options: two one-year terms
BACKGROUND:
Revenue from the Lease will go to the Chemeketa Parkade Leasehold Fund.
Clint Dameron
Real Property Services Manager
Attachments:
1. Proposed Lease