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August 16, 2018 City Council Regular Meeting | |
Title 39. Motion to Approve Assignment of Lease Agreement for 102 East Lathrop Avenue | |
Strategic Priority N/A | |
Description The City currently leases 5,000 square feet of space located at 102 E. Lathrop Avenue. The space was formerly used by the Savannah Police Department as the Downtown Precinct. Staff at that location were recently relocated to the new Northwest Precinct located at 602 E. Lathrop Avenue; the former Great Dane building. The lease for 102 E. Lathrop extends until December 31, 2019. The lease does allow for assignment to another party, with written permission from Landlord. Staff has negotiated an assignment of the lease to the Savannah College of Art and Design (SCAD) and landlord consent has been obtained. The current lease rate is $3,892.86 per month for a total of $58,392.90 due for the remainder of the lease term. Upon execution of this lease assignment, all obligations are released from the City and assigned to SCAD for the remainder of the lease term; thus saving the City from paying these additional lease costs. | |
Recommendation | |
Contact David Keating, Director of Real Estate Services | |
Financial Impact No cost to the City. The lease assumption will save the City $58,392.90 in avoided costs. | |
Review Comments | |
Attachments Map and Picture of 102 East Lathrop Avenue.pdf Assignment and Assumption of Lease Agreement.pdf |
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