|
|
| September 12, 2024, City Council Regular Meeting | |
| Title 54. Authorize the City Manager to Execute a Land Lease with Bellsouth Telecommunications, LLC (AT&T). Bellsouth Telecommunications, LLC (“AT&T”) currently leases two parking spaces in the State Street Parking Garage from the City of Savannah. | |
| Strategic Priority Infrastructure | |
| Description Bellsouth Telecommunications, LLC (“AT&T”) currently leases two parking spaces in the State Street Parking Garage at 100 East State Street from the City of Savannah. The City and Bellsouth Telecommunications, LLC (“AT&T”) have negotiated a new lease and new annual rental rate of $14,600 with a 3% escalation each year. The new lease term is for a five-year term (2024- 2029) and includes one additional five-year extension (2029- 2035). This Land Lease has been reviewed by the City’s Mobility & Parking Services Department and by Real Estate Services. | |
| Recommendation Approval | |
| Contact David Keating, Senior Director, Real Estate Administration Department | |
| Financial Impact Revenue of $14,600 to the Mobility & Parking Fund + 3% annual escalator for five years | |
| Review Comments | |
|
Attachments Exhibit 1: Bellsouth Land Lease Agreement - State Street Parking Garage.pdf Exhibit 2: Map Attachment - State Street Parking Garage.pdf |
|
|
