Consent 1.H.
Regular City Council Meeting
- Meeting Date:
- 05/09/2011
- TITLE
- Park 1 Lease Amendment -- Mann Mortgage
- PRESENTED BY:
- Chris Mallow, Parking Supervisor
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The ground level of the Park 1 garage has six tenants that lease retail/office space. The current lease agreement for 219 North 30th Street, leased to BILAW LLC, DBA Mann Mortgage Billings, will expire on December 31, 2012. This memo shall serve as a request to approve and sign a lease amendment for use of an additional 538 square feet, accessed through a common door, of the currently vacant office space at 2910 3rd Ave North. This lease amendment will expire when a permanent tennant is found to lease the entire square footage at 2910 3rd Ave North. Mann Mortgage plans to use this 538 square feet very occasionally as special meeting and event space for its business.
ALTERNATIVES ANALYZED
Council may:
- Approve lease amendment with BILAW LLC, DBA Mann Mortgage Billings; or,
- Reject the lease amendment.
FINANCIAL IMPACT
Rent for premises at 2910 3rd Ave North, shall be $2,152.00 (538 square feet x $4.00) payable in twelve (12) equal monthly installments of $179.34, while the lease for this premises is in effect.
RECOMMENDATION
Staff recommends Council approval of the lease amendment with Mann Mortgage.