HomeMy WebLinkAboutCRA-R-07-0013 Cover MemoSEOPW & Omni Boards of Commissioners Meeting
March 26, 2007
item No. 4
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: March 19, 2007 File: 07-00343
and Members of the CRA Board
Subject: Authorization to Renew CRA
Office Space Lease
From: James H. Villacortap References:
Executive Director
Enclosures: Supporting Documentation and
Legislation
BACKGROUND:
This Joint Resolution of the Southeast Overtown/Park West and Omni Redeveldpment District Community
Redevelopment Agencies (CRAs) authorizes the Executive Director to exercise the CRAs' option to renew
its current lease agreement with the Citadel Arena Corporation for the CRAB' office space beginning
September 1, 2007 through August 30, 2008 at the stipulated rate of $14,387.57 per month/$172,650.84
per year ($17.26 per square foot which includes electric utility and 16 dedicated and secure parking
spaces).
JUSTIFICATION:
On July 15, 2003, the CRAs' Boards of Commissioners authorized the execution of a lease agreement
between the CRAs and the Citadel Arena Corporation for the lease of approximately 10,000 square feet of
office space for an initial term of two years with options to renew for three additional 1-year periods
(SEOPW Resolution No. R-03-60 and Omni Resolution No. R-03-42). The renewal option stipulates that
the CRAs must notify the landlord of their intent to renew at least thirty (30) days prior to the expiration of
the initial term or subsequent renewal. This provision requires notification be made no later than July 31,
2007. This item is being brought before the Boards of Commissioners at this time to obtain authorization to
exercise the renewal option, or if it is the Boards' intent not to renew, to allow time for the CRAs to seek
alternative space.
FUNDING SOURCE: $172,650.84 from General Operating Fund, Account Code No.
10030.920101.544000.0000.00000 entitled "Rental and Leases."
JHVIeh
•