HomeMy WebLinkAboutCRA-R-10-0037 Cover Memo 05-13-2010SEOPW Board of Commissioners Meeting
May 13, 2010
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Richard P. Dunn II
and Members of the CRA Board
From. ames H. Villacorta
Executive Director
Date: May 3, 2010 File: 10-00599
Subject: Resolution Authorizing Renewal of Lease for
CRA Office Space.
References:
Enclosures: Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") approve and adopt the attached Resolution authorizing the Executive Director
to exercise the CRA's option to renew its lease agreement with Citadel Arena Corporation ("Citadel") for the
CRA's office space at 49 N.W. 5th Street, Miami, Florida, for a period of one year, commencing September 1,
2010, at the rate of $7,409.60 per month, or an annual amount of $88,915.20 ($8.89 per square foot), including
taxes, utilities, and 16 parking spaces.
The Board of Commissioners, by Resolution CRA-R-03-60, passed and adopted on July 15, 2003, authorized
the execution of a lease agreement between the CRA and Citadel for the lease of approximately 10,000 square
feet of office space at 49 N.W. 5th Street, Miami, Florida, for an initial term of two years with the option to renew
for three (3) additional one-year periods at a stipulated rent increase of three percent (3%) per renewal.
The Board of Commissioners, by Resolution CRA-R-08-0019, passed and adopted on April 28, 2008,
authorized the execution of an amendment to the CRA's existing lease agreement to provide the CRA with the
option to renew the term for two (2) additional one-year periods at a stipulated rent increase of three percent
(3%) per renewal. Citadel, however, has agreed to renew the lease at no increase in cost.
JUSTIFICATION:
The CRA requires office space to carry out operations.
FUNDING: $88,915.20 from SEOPW Tax Increment Fund, "General Operating Rentals and Leases," Account
Code No. 10030.920101.544000.0000.00000.