HomeMy WebLinkAboutCRA-R-08-0019 Cover MemoSEOPW & Omni Boards of Commissioners Meeting
April 28, 2008
Item # 5
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: April 18, 2008 File: 08-00458
and Members of the CRA Board
Subject: Authorization to Renew CRA
Office Space Lease
From: James H. Villacort,
References:
Executive Direct°
Enclosures: Legislation
BACKGROUND:
This Joint Resolution of the Southeast Overtown/Park West and Omni Redevelopment District Community
Redevelopment Agencies („CRAB") authorizes the Executive Director to execute an amendment to the
Lease Agreement with Citadel Arena Corporation for the CRA's office space, to extend the Lease term.
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 approximately 10,000 square feet of office space
for an initial term of two (2) years with options to renew for three (3) additional one-year periods (SEOPW
Resolution No. R-03-60 and Omni Resolution No. R-03-42). On January 28, 2008, the Boards of
Commissioners authorized the Executive Director to commence negotiations for an extension of the Lease
term.
JUSTIFICATION:
The Boards of Commissioners authorized negotiations for extension of the Lease term, and this
amendment provides for two (2) additional one-year option periods at the same 3% increase as provided in
the original Lease Agreement. The Lease Agreement requires the CRAs to notify the Citadel Arena
Corporation of its 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, 2008.
FUNDING SOURCE: $14,819.20 from FY 2008 General Operating Fund, Account Code No.
10030.920101.544000.0000.00000, entitled "Rental and Leases"; and $163,011.20 from FY 2009 General
Operating Fund, Account Code No. 10030.0920101.544000.0000.00000.
JHVIpk
•