Consent 1.E.
Regular City Council Meeting
- Meeting Date:
- 02/11/2013
- TITLE
- Park 1 Lease Agreement for BILAW LLC, DBA Mann Mortgage Billings
- PRESENTED BY:
- Chris Mallow, Parking Supervisor
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
The ground level of the Park 1 garage has six tenants that lease retail/office space. The current lease agreement for BILAW LLC, DBA Mann Mortgage Billings, expired on December 31, 2012. Staff is requesting that the City Council approve and authorize signing a new space lease agreement with Park 1 Garage tenant, BILAW LLC., DBA Mann Mortgage Billings, for three years with an option to renew the lease for an additional three years.
ALTERNATIVES ANALYZED
Staff has analyzed the following alternatives:
- Approve lease with BILAW LLC, DBA Mann Mortgage Billings.;
- Seek a different tenant; or
- Leave space vacant.
FINANCIAL IMPACT
The revenues are projected in the FY13 budget. The office space consists of 3,060 square feet. Revenue for the first year will be $27,264.60 (3,060 square feet x $8.91). Rent for all subsequent years will be the base rent amount plus or minus the percentage change in the Consumer Price Index – all urban consumers.
RECOMMENDATION
Staff recommends Council approval of the lease agreement with BILAW, dba Mann Mortgage.