ROSWELL NEW MEXICO
COMMITTEE AGENDA ITEM ABSTRACT
COMMITTEE AGENDA ITEM ABSTRACT
8.
Finance Committee
- Meeting Date:
- 10/02/2025
COMMITTEE:
Finance
CONTACT:
Tammi Smith
CHAIR:
Robert B. Corn
ACTION REQUESTED:
Consider approval of a budget adjustment in the amount of $108,066.38 inclusive of a lease extension for current location for $10,897; central alarm supplies and service estimated at $4,500; and approval of a purchase order for $92,669.38 for lease of commercial property for collections storage and staff. (Brooks)
BACKGROUND:
Initiated by: Caroline Brooks
The museum collection that remained in Roswell and staff were displaced following the October 2024 flood. Property was acquired on a monthly lease with a waived fee for the past 11 months to accommodate the museum as part of a philanthropic contribution to the recovery efforts. Due to business needs, the property is no longer available with a fee waiver and the required rent is cost prohibitive to stay, requiring a new location.
This request is to cover a one-month extension at the current property in the amount of $10,897 (a temporarily reduced rate) and $92,669.38 for a 12 ½ month lease of property located on 2nd Street from October 15, 2025 through October 31, 2026 ($7,413.55/month at $12.50/sq. ft.) and to be considered for continuation on an annual basis. The lease includes utilities and cleaning. $4,500 is requested to cover supplies and monitoring for a central alarm system, a requirement of the fine art insurance.
The museum collection that remained in Roswell and staff were displaced following the October 2024 flood. Property was acquired on a monthly lease with a waived fee for the past 11 months to accommodate the museum as part of a philanthropic contribution to the recovery efforts. Due to business needs, the property is no longer available with a fee waiver and the required rent is cost prohibitive to stay, requiring a new location.
This request is to cover a one-month extension at the current property in the amount of $10,897 (a temporarily reduced rate) and $92,669.38 for a 12 ½ month lease of property located on 2nd Street from October 15, 2025 through October 31, 2026 ($7,413.55/month at $12.50/sq. ft.) and to be considered for continuation on an annual basis. The lease includes utilities and cleaning. $4,500 is requested to cover supplies and monitoring for a central alarm system, a requirement of the fine art insurance.
FINANCIAL CONSIDERATION:
Current property rent of $10,897 per month for 1 month (calculated at $12 per square foot per year x 10,897 square feet) = $10,897. 2nd Street property rent of $7,413.55 per month, calculated at $12.50 per square foot x 7,117 square feet x 12 ½ months = $92,669.38. The lease fees ($103,566.38) may be reimbursable by the fine art insurance; an inquiry has been submitted to the claims adjuster. Funding Source: an increase to expense line 26114221 655001 in the amount of $103,566.38 and 26114221 642904 for $4,500.
LEGAL REVIEW:
There is no legal review at this time.
BOARD AND COMMITTEE ACTION:
Consider approval of a budget adjustment in the amount of $108,066.38 inclusive of a lease extension for current location for $10,897; central alarm supplies and service estimated at $4,500; and approval of a purchase order for $92,669.38 for lease of commercial property for collections storage and staff.
STAFF RECOMMENDATION:
Proceed as presented.