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| August 29, 2019, City Council Regular Meeting | |
| Title 30. Motion to Authorize the City Manager to Execute a Lease with Tenenbaum Inc. for 0 West Gwinnett Street (PIN: 2-0046-03-011). | |
| Strategic Priority Neighborhood Revitalization | |
| Description Requesting approval to lease +/- 22 acres of vacant land located on West Gwinnett Street (PIN 20046 03011) just west of I-16. This property is owned by Tenenbaum Inc., and located on the north side of West Gwinnett Street, east of the Springfield Canal. The property is being leased to provide surface parking adjoining the new arena. The lease is for five years with the option to renew for an additional five years. The rent during the first five year period is $696,000 per year, plus reimbursement of taxes and insurance. The total rent for the five year period is $3,480,000. The rent during the renewal term will be negotiated on or before two hundred ten (210) days before expiration of the initial term. The City will have a ninety (90) day due diligence period in order to assess suitability of the site prior to lease commencement. | |
| Recommendation Approval | |
| Contact David Keating, Real Estate Services | |
| Financial Impact Expenditure of $696,000 from the Parking Fund | |
| Review Comments | |
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Attachments Exhibit 1: Map - Tenenbaum Lease Agreement.pdf Exhibit 2: Land Lease - Tenenbaum Lease Agreement.pdf Exhibit 3: Funding Verification Form - Tenenbaum Lease Agreement.pdf |
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