HomeMy WebLinkAboutsummary formAGENDA ITEM SUMMARY FORM
FILE ID: b5 ^6o056
Date: 1/12/2005 fif9 8 06 Requesting Department: Code Enforcement
6
Com us o`�nnMeeting Date: 2/10/2005 District Impacted: 1
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Lease Agreement with Centennial Interiors Corporation
Purpose of Item:
Authorize the City Manager to execute a Lease Agreement between the City of Miami (City) and
Centennial Interiors Corporation ("Lessor") for the lease of approximately 5,000 SF of office space at
1400 NW 36th Street, Miami, Florida. The lease will commence on the date Lessor delivers possession
and shall expire December 31, 2007. The initial monthly rent shall be $3,383.25 ($8.12 SF). Effective
October 1, 2005 through December 31, 2007, the monthly rent shall be increased to $5,358.33 ($12.86
SF); the City has the option to renew the lease for two (2) five (5) year periods with a rent adjustment
at the beginning of each option period by any increase in the Consumer Price Index (CPI) not to
exceed three (3) percent; and with other terms and conditions as more particularly set forth in the
lease agreement.
Background Information:
The City Code Enforcement Department (CE) has been sharing office space with the Department of
Community Development (CD) at 1313 NW 36th Street and has been paying $4,515.35/month ($14.36
SF) for their use of space. CD vacated their space as of December 31, 2004 due to a reduction in
grant funding. Due to the configuration of the space, CE cannot continue its occupancy of the space.
The principals of Golden Sands Allapattah Corporation, proposed to relocate CE to a nearby property
located at 1400 NW 36th Street, with approximately 5,000 square feet owned by another of its
corporations Centennial Interiors Corporation. Centennial Interiors will pay for the modifications to
the space to accommodate CE's needs and will allow CE to pay a monthly rent of 3,383.25 at a rate of
$8.12 SF through September 30, 2005. Effective October 1, 2005, the monthly rent will be adjusted
based upon the new square footage for a total monthly rent of $5,358.33 ($12.86 SF). The rate per
square foot was reduced from $14.36 to $12.86 since CE will have to pay for its electrical
consumption that is individually metered.
Budget Impact Analysis
NO Is this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below.
General Account No: 145001.252600.6.620
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
Pace 1 of 2
CIP Bud
If using or receiving coital funds
Grants Risk Ma
Purchasing Dept. Director
Chief City Manager
Paae 2 of 2