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Home My WebLink AboutCRA-R-10-0042 Cover Memo 5-13-2010Omni Board of Commissioners Meeting May 13, 2010 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Marc D. Sarnoff From and Members of the CRA Board ames H. Villacorta Executive Director Date: May 3, 2010 File: 10-00598 Subject: Resolution Authorizing Renewal of Lease for CRA Office Space. References: Enclosures: Legislation BACKGROUND: It is recommended that the Board of Commissions of the Omni Redevelopment District 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-03-42, 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 Omni Tax Increment Fund, "General Operating Rentals and Leases," Account Code No. 10030.920101.544000.0000.00000.