HomeMy WebLinkAboutSummary FormDate: 6/28/2007
AGENDA ITEM SUMMARY FORM
FILE ID: 0 7 6To 2 J
Requesting Department: Public Facilities/Asset Mgmt
Commission Meeting Date: 7/26/2007 District Impacted: 2
Type: ® Resolution n Ordinance ❑ Emergency Ordinance ❑ Discussion Item
n Other
Subject: Amendment to Lease Agreement with Columbus Properties, Inc.
Purpose of Item:
A Resolution of the Miami City Commission, authorizing the City Manager to execute the firs
amendment to the Lease Agreement ("Amendment") between Columbus Properties, Inc., an Alaska
for profit corporation, successor in assigns to Justice Investment Associates, Ltd, ("Landlord"), and
the City of Miam; ("Tenant"), in substantially the attached, ;form, .. to provide an additional
approximately 1,483 square feet of uiiice space located -at 155Saiit1 Miami Avenue, PH-1C, Miami,
Florida ("Expansion Premises") for the Civilian Investigative Panel.. Terms of the Amendment require
Landlord, at its cost and expense, to make certain capital improvements to the space in accordance
with specifications of Tenant and is subject to Tenant exercising its option to extend the lease for an
additional five (5) year period to expire on May 31, 2013. Upon Tenant taking possession of the
Expansion Premises, Tenant shall pay a base rent on the expansion premises of $22.00 per square foot
or $2,722.50 monthly. Commencing June 1, 2008, Base Rent for the Expansion Premises and
existing Premises shall be increased to $22.66 per square foot, or $7,685.52 per month, and thereafter
shall be increased 3% annually for the remainder of the term, with other terms and conditions as more
particularly set forth in the lease agreement.
See attached.
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: 12100.950101.534000.0000.00000
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:
$5,445.00
Final Approvals
(SIGN AND DATE1
CIP IV A ' Budg
If using or receiving capital fund:
Grants I
Purcaasing
Chief
z Risk Manage
Dept. Direc
City Manager
Paee 1 of 2
AGENDA ITEM SUMMARY FORM
Subject: Amendment to Lease Agreement with Columbus Properties, Inc.
Background Information:
On May 12, 2003, thy, City Manager executed a lease between the City of Miami ("City") and Justice
Investigative Associates, Ltd, owners of property located at 155 South Miami Avenue, PH-1B, which
was subsequently assigned to Columbus Properties, Inc. ("Landlord"), an Alaska for -profit
corporation, to lease approximately 2,585 square feet of space for a five-year term, with one five-year
option to renew, to establish office space for the Civilian Investigative Panel.
Due to the need to expand its operation to accommodate increased demands from the general public,
the City negotiated with Landlord to expand its operation to an adjacent available office space
containing approximately 1,485 square feet. Landlord has agreed to make certain improvements to
the space subject to the City exercising its option to extend so that the lease will expire on May 31,
2013. Rent for the expansion premises will be $22.00 per square foot or $2,722.50 per month and
shall commence upon substantial completion of the improvements. Rent for the existing Premises
shall remain at $16.85 per square foot until May 31, 2008. Commencing June 1, 2008, the rent for
both the existing Premises and Expansion Premises shall increase to $22.66 per square foot or
$7,685.82 per month. Thereafter, rent shall increase 3% annually for the remainder of the term.
Mental rates for comparable spaces range from $20.00 to $37.00 per square foot.
Paee 2 of 2