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CITY COUNCIL AGENDA ITEM 6 -A STAFF ORIG INATOR: Mary Alice Divine MEETING DATE: April 8, 2013 TOPIC: Co nsideration of Resolution No. 13 -38 , Approving an Amended City Council Lease Agreement VOTE REQUIRED: 3/5 INTRODUCTION On March 11, 2013 the City Council approved a lease agreement wi th Veritas Academy for 9,635 sq. ft. in the former ECFE facility, which was signed by the tenant. The tenant is requesting an amendment to the lease to take approximately one -third of the space for the school year 2013 -2014, with the intent of taking the entire space in the 2014 -2015 school year. BACKGROUND The lease agreement would be amended as follows: Months Net Rent RSF RSF Per Period Net Rent Monthly Net Rent CAM RSF Gross Rent Gross Rent Per Period Gross Rent Monthly 1 to 12 $2.50 3,851 $9,627.50 $1,604.58 $3.00 $5.50 $21,180.50 $1,765.04 13 to 24 $7.00 9,635 $67,445.00 $5,620.42 $3.00 $10.00 $96,350.00 $8,029.17 25 to 36 $7.50 9,635 $72,262.50 $6,021.88 $3.00 $10.50 $101,167.50 $8,430.63 37 to 48 $7.75 9,635 $74,671.25 $6,222.60 $3.00 $10.75 $103,576.25 $8,631.35 49 to 60 $8.00 9,635 $77,080.00 $6,423.33 $3.00 $11.00 $105,985.00 $8,832.08 61 to 72 $8.25 9,635 $79,488.75 $6,624.06 $3.00 $11.25 $108,393.75 $9,032.81 In addition, t he lease agree ment will require a $5,000 security deposit due at execution of the lease that is non -refundable unless the tenant completes the full term of the lease. The tenant is asked to provide further i nformati on regarding its formation of a board of directors, its marketing plan, and updates twice monthly until July 1, 2013 regarding recruiting and fundraising efforts. The C ity will h ave the option of terminating the lease if these goals are not met. RECOMMEN DATION Approve Resolution No. 13 -38 Approving the Amended Civic Complex Lease Agreement ATTACHMENTS 1. Resolution No. 13 -38