AGENDA MEMORANDUM

 

 

Meeting Date:           October 26, 2009

 

From:                          Kenneth L. Thomas, Director of Housing & Economic Development

 

Subject:                      Resolution authorizing a Lease Agreement with  Family Furniture & Carpet, Incorporated

 

 

Staff Recommendation: 

Staff recommends approval of the lease agreement with Family Furniture & Carpet, Incorporated for the purpose of occupying a City owned building at 8626 U.S. Highway 441, Leesburg.

 

Analysis:

The subject building is formally known as the “Furniture Country Galleries” site.  Family Furniture & Carpet will occupy the entire building square footage for the purpose of selling home furniture and carpet.  The terms of the lease are as follows:

 

Terms

Amount per month

Year 1 Jan 2010 to Oct 31, 2010

$8,000.00

Year 2 Nov 2010 to Oct 31, 2011

$8,500.00

Year 3 Nov 2011 to Oct 31, 2012

$9,500.00

Year 4 Nov 2012 to Oct 31, 2013

$10,000.00

Year 5 Nov 2013 to Oct 31, 2014

$11,000.00

                    Second Term

 

Year 6 Nov 2014 to Oct 31, 2015

$12,000.00

Year 7 Nov 2015 to Oct 31, 2016

$13,000.00

Year 8 Nov 2016 to Oct 31, 2017

$13,500.00

 

Beginning on November 1, 2017 and on November 1st of each year thereafter of the first and second renewal terms if exercised, the rent shall be increased by adding to the rent paid during the immediately preceding lease year an amount equal to the product of the rent being paid in the immediately preceding lease year times the percentage increase over the immediately preceding lease year in the CPI (Consumer Price Index).

 

Options:

1.  Approve the lease agreement and/or; 

2.  Such alternative action as the Commission may deem appropriate

 

 

Fiscal Impact

Over the 1st term of the contract the City will realize a total of $564,000 and if the 2nd term is executed the amount will total $462,000 with a grand total of $1,026,000 (less the remaining two years).

 

 

Submission Date and Time:    10/23/2009 3:25 PM____

 

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. _________JB_______                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

 

 

 

RESOLUTION NO._______________

 

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A LEASE AGREEMENT WITH FAMILY FURNITURE AND CARPET, INCORPORATED TO LEASE SPACE AT 8626 U.S. HIGHWAY 441, LEESBURG, FLORIDA; AND PROVIDING AN EFFECTIVE DATE.

 

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

 

            THAT the Mayor and City Clerk are hereby authorized to execute an agreement with  Family Furniture and Carpet, Incorporated for purpose of leasing space at 8626 U.S. Highway 441, Leesburg, Florida 34748, Alternate Key 2653311.

 

             THAT this resolution shall become effective immediately.

 

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _26th____ day of __October_______ 2009.

 

 

 

                                                                            _________________________________

                                                                             Mayor

 

ATTEST:

 

 

_______________________________

City Clerk