Summary:
The City and OUC previously entered into a Lease Agreement (Lease) dated September 1, 2009, for OUC’s use of a City-owned space. The term of the lease expires on August 31, 2018, and the parties desire to amend the Lease to extend the term and to accommodate certain other changes in the use of the space.
The Lease term shall be extended for five (5) years commencing on September 1, 2018, and ending on August 31, 2023. Upon mutual agreement, the Lease may be extended for five (5) additional terms of one (1) year each. Either party may terminate the Lease at its convenience upon on (1) year written notice. Rent will be $25,094 for the first year and will increase 5% per year thereafter.
Due to the information contained in the Lease, the original Lease and this Amendment are confidential and exempt from the disclosure provisions of the Public Records and Sunshine Laws. |
Recommended Action:
Approval and authorization for the Mayor/Pro Tem and City Clerk to execute the Lease, substantially in the form attached, and approval and authorization, without further City Council approval, for the Real Estate Division Manager to execute the additional extension options referenced herein, so long as such approvals are in conformance with the terms and conditions of the Lease, all subject to the review and approval of the City Attorney's Office. |