Consider recommending approval of a lease agreement with First National Tower, Ltd for property located at 400 N. Pennsylvania Avenue, Roswell, NM 88201, inclusive of a ratification for November 1-30, 2025. (Heldenbrand/Brooks)

Initiated by: Caroline Brooks

This request is to consider recommending approval for the City of Roswell to enter into a lease agreement extension with First National Tower, Ltd. The space has been used by the museum department under a waived fee following the October 2024 flood and payment is now required for additional use, necessitating a review of the agreement. This request is to cover a two-month extension for November 1-30, 2025 and December 1-31, 2025, allowing for preparations and move to another property.

Rent of ten thousand eight hundred and ninety-seven dollars ($10,897) per month for two months for a total of $21,794. Calculated at $12 per square foot per year x 10,897 square feet divided by 12 months =. $10,897 per month.

The City Attorney has reviewed the lease agreement.

Legal Committee recommended approval (5-0) at their meeting on October 23, 2025. The Finance Committee recommended approval (4-0) of a budget adjustment on October 2, 2025; City Council approved (9-0) on October 9, 2025.

Proceed as presented.