TO: Mayor and City Council
THROUGH: Keith Stahley, City Manager
FROM: Kristin Retherford, Community Planning and Development Director
SUBJECT:
title
Amendment to lease with Salem-Keizer School District 24J 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
Salem-Keizer School District 24J (Lessee) has been a tenant of the space located at 360 Commercial Street NE in the Chemeketa Parkade since 2008. Lessee’s current lease is set to expire on June 30, 2024 (Lease) (Attachment 1). Lessee desires to continue its occupancy via an amendment to its current lease extending the lease term.
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ISSUE:
Shall City Council authorize the City Manager to execute the attached lease amendment?
RECOMMENDATION:
recommendation
Authorize the City Manager to execute the attached lease amendment.
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FACTS AND FINDINGS:
Staff and Lessee have come to terms on an amendment (Amendment) to the current lease (Attachment 2). Key terms of the Lease are below.
Premises: 3,975 square feet
Monthly Lease Rate: $4,822.00 ($1.21/s.f.), 2% annual increases
Lease Term: one year
Extension Options: four one-year terms
BACKGROUND:
Revenue from the Lease will go to the Chemeketa Parkade Leasehold Fund.
Clint Dameron
Real Property Services Manager
Attachments:
1. Lease
2. Amendment