Laserfiche WebLink
REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />AUGUST 20, 2007 <br />TITLE: <br />LEASE RENEWAL FOR DOWNTOWN OFFICE <br />~' <br />/'// <br />~ Q ~~~ <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1 ~~ Reading <br />^ Ordinance on 2nd Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Direct the City Attorney to prepare and authorize the City Manager and <br />the Clerk of the Council to execute a lease agreement with Fiesta <br />Marketplace Partners for office space at 305 East Fourth Street for the <br />Downtown office and Downtown Business Liaison Unit/Civic Center Patrol. <br />DISCUSSION <br />The Downtown office has been located at 305 East Fourth Street, Suite <br />201, since February 2001. In addition to Suite 201 used by the Downtown <br />staff, the lease includes Suite 200 for use by 13 Police Department staff <br />members from Civic Center Patrol and Northeast Division. The original <br />six-year lease expired on May 31, 2007. The Downtown office has <br />continued to occupy this space on a month-to-month basis. <br />The Fiesta Marketplace Partners has agreed to a new two-year lease with <br />two 1-year extensions, which follows all of the same basic terms and <br />conditions of the previous lease. The rent is $9,025.83 a month, or <br />$1.54 per square foot, with a CPI adjustment factor biannually with a <br />four percent minimum, or six percent maximum. According to the 2007 <br />office market report for Orange County by Voit Commercial, this lease <br />rate falls within the average lease rate for similar buildings. This is <br />a full-service gross lease with a stipulation that the City pay a portion <br />of the utilities that exceed a base-year figure established during the <br />first year of the original lease. <br />25F-1 <br />