Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute The Attached Lease Agreement Between The School Board Of Broward County, Florida And The City Of Hollywood, For The McNicol Community Administrative Center For A Five Year Term With The First Year's Annual Payment In The Amount Of $39,028.56 Plus A Flat Rate For Utilities In The Amount Of $1,070.10 Which Increases By 3% Each Year Of The Agreement Starting In Year 2.
Body
Staff Recommends: Approval of the Attached Resolution.
Explanation:
On September 7, 2011, the City of Hollywood (City) entered into a one (1) year lease agreement with four additional one (1) year automatic renewal period with the School Board of Broward County, Florida (School Board), for use of office facilities located on the campus of McNicol Middle School in Hollywood pursuant to Resolution No. R-2011-212.
The facility is currently being used as administrative offices for the City's Parks, Recreation and Cultural Arts Department.
This arrangement has been of mutual benefit to both parties as well as the citizens in this area of the community.
The current lease agreement will expire on October 31, 2016, and the City and School Board wish to enter into a new lease agreement for the purpose of extending the City's use of the office facilities on the campus of McNicol Middle School.
City and School Board staff have negotiated a new lease agreement to include a five-year term, with an option to terminate by either party upon a 180 day written notice to the other party.
The lease agreement requires the City to make rental payments as follows: (1) Year 1- monthly rental payments in the amount of $3,252.38 (based upon $5.25 x 7,434.sq.ft.) total annual amount $39,028.56; (2) Year 2- monthly rental payments in the amount of $5,240.97 (based upon $8.46 x 7,434 sq. ft.) for total annual amount of $62,891.64; (3) Year 3- monthly rental payments in ...
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