Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute A First Amendment To The Lease Agreement With Barry University Extending The Term Of The Lease Agreement For An Additional Seven 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 City-owned property located at 421 N 21st Avenue in 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. In September 2020, the City entered into an Agreement with Housing Trust Group, LLC (“HTG”) to redevelop the property that Barry University currently leases into a mixed use, mixed income development providing approximately 11,000 square feet of new space suitable for Barry University’s operations. To ensure continuity for the University and its students for the 2022 academic year, the City and University wish to extend the Lease Agreement for an additional seven months maximizing the use of the property up until the beginning of construction. In all other respects, the Lease Agreement shall remain unchanged and in full force and effect.
The attached resolution includes a First Amendment to Lease outlining that the term of the Lease will be extended for seven months through June 22, 2022.
Fiscal Impact:
The City will receive $29,166.67 from Barry University in FY 2022 for extending the lease an additional 7 months.
Recommended for inclusion on the agenda by:
Raelin Storey, Director, Communications, Marketing & Economic Development
Gus Zambrano, Assistant City Manager for Sustainable Development