Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute A Second Amendment To The Lease Agreement With Barry University Extending The Term Of The Lease Agreement For An Additional Six Months.
Strategic Plan Focus
Economic Vitality
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
On May 23, 2011, the City of Hollywood (“City’’) and Barry University (“University”) entered into a Lease Agreement for the University to occupy approximately 10,000 square feet within the Downtown District of the CRA and operate its College of Health Sciences and related programs. The term of the Lease Agreement is for 10 and one-half years expiring on November 22, 2021.
To facilitate an additional 11,000 square feet of new space for operations provided by Housing Trust Group, LLC (“HTG) and to ensure continuity for the University and students for the 2022 academic year, the City and University were granted City Commission approval on February 17, 2021, to extend the Lease Agreement for an additional seven months, with no additional changes to the lease.
In anticipation of the January 2023, scheduled groundbreaking for the University Station project, the City and University wish to extend the Lease Agreement for an additional six months with the annual rent to be pro-rated for the additional lease term. In all other respects, the Lease Agreement shall remain unchanged and in full force and effect.
The attached resolution includes a Second Amendment to Lease outlining that the term of the Lease will be extended for six months through December 30, 2022.
Fiscal Impact:
The City will receive $25,000.00 from Barry University in FY 2022 and FY 2023 for the lease of the City property at 421 N. 21st Avenue, Hollywood, Florida for an additional 6 months.
Recommended for inclusion on the agenda by:
Raelin Storey, Director, Communications, Marketing and Economic Development
Gus Zambrano, Assistant City Manager for Sustainable Development