HomeMy WebLinkAbout#06 - Lease ExtensionSTAFF REPORT
DATE: August 20, 2019
CONSENT
AGENDA ITEM: Zignego Insurance Lease Extension
SUBMITTED BY: Kristina Handt, City Administrator
BACKGROUND:
When the City purchased the Brookfield building in April, it assumed the leases of current tenants.
Although the EDA took over the ownership the building the leases stayed with the City. The last
time rent amounts were adjusted was January 1, 2017.
ISSUE BEFORE COUNCIL:
Should the City Council approve the lease agreement extension with Zignego Insurance?
PROPOSAL:
Included in your packet is a lease agreement extension for Zignego Insurance. Their current lease
expires 12/31/20. The proposal would provide a one year extension unless they give a 3 month
notice to cancel. The new rent amount is $1,980/month with is consistent with other current leases.
FISCAL IMPACT:
Annual increase in revenue of $2,760.
OPTIONS:
1) Approve the lease extension agreement with Zignego Insurance
2) Amend and then approve the lease extension agreement with Zignego Insurance
3) Do not approve the lease extension agreement with Zignego Insurance
RECOMMENDATION:
If removed from the consent agenda:
“Motion to approve the lease extension agreement with Zignego Insurance.”
ATTACHMENTS:
• Zignego Insurance Lease Extension Agreement