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Lease Agreement for Office Space at the Santa Ana Regional Transportation Center <br />February 20, 2024 <br />Page 2 <br />4 <br />0 <br />2 <br />5 <br />scene. The OC Streetcar will operate along a 4.15-mile route that connects SARTC <br />and a new transit hub at Harbor Boulevard and Westminster Avenue in Garden Grove. <br />The City has been contacted by sub-contractors working on the OC Streetcar Project to <br />lease space at SARTC, including Aldridge Electric who is interested in leasing 2,041 <br />square feet of office space due to close proximity to the project site. Aldridge Electric <br />has been an active contractor of this project and has been leasing office space at <br />SARTC since February 2019. As the OC Streetcar project continues, Staff recommends <br />continuing to lease this space for the one-year term beginning on February 20, 2024 <br />through February 19, 2025. The monthly lease will be $10,361, with any partial month <br />prorated at $346 per day. For the optional twelve one-month extension, the monthly <br />lease will increase to $13,469, with any partial month prorated at $449 per day. <br />FISCAL IMPACT <br />Approval of the site lease agreement obligates Aldridge Electric, Inc. to compensate the <br />City $283,944 for the term of the lease agreement including renewal options for lease of <br />interior office space at the SARTC. Approval of the appropriation adjustment will <br />recognize Fiscal Year 2023-24 lease income in the amount of $44,558 into the SARTC <br />Operations, Rental-Aldridge revenue account (No. 06717002-53826) and appropriate <br />the same amount to the SARTC Operations, Contractual Services expenditure account <br />(No. 06717650-62300). <br />The following table summarizes the funds budgeted in FY 2023-24 and available for <br />expenditure. <br />Fiscal <br />Year <br />Accountin <br />g Unit - <br />Account # <br />Fund <br />Description Accounting Unit, <br />Account Description Amount <br />Appropriation Adjustment <br />2023-24 <br />(Feb-June) <br />06717650- <br />62300 <br />Regional <br />Transportation <br />Center <br />PWA-SARTC <br />Operations, Contract <br />Services-Professional <br />$44,558 <br />Renewal Options <br />2024-25 06717650- <br />62300 <br />Regional <br />Transportation <br />Center <br />PWA-SARTC <br />Operations, Contract <br />Services-Professional <br />$136,570 <br />2025-26 <br />(July-Feb) <br />06717650- <br />62300 <br />Regional <br />Transportation <br />Center <br />PWA-SARTC <br />Operations, Contract <br />Services-Professional <br />$102,816 <br />Total:$283,944