C-number: C-65-06-024-1
Item Text
L-2. AMENDMENT TO LEASE AGREEMENT WITH 2700 GROUP LLC Approve, and authorize the Chairman to execute, Amendment No. 1 to Lease Agreement L-7385 between 2700 Group LLC, as Lessor, and Maricopa County Library District for lease renewal of 17,360 square feet of office space at 2700 N. Central Avenue, Phoenix, Arizona. The new lease terms stipulated in Amendment No. 1 of Lease Agreement L-7385 will be effective April 1, 2011. Amendment No. 1 will extend the lease term for an additional 5 years with a new termination date of November 30, 2016. Amendment No. 1 adjusts the rentable area of the premises to 15,000 square feet. The Amendment also adjusts the rental rate to $16.50 per rentable square foot beginning April 1, 2011 through November 30, 2012, with no expense or rental tax pass-through. The annual rental rate increases by $0.50 per square foot per year beginning December 1, 2012. The District will be charged a parking fee of $25 per month per parking space. The Lessor will abate the first 16 months of parking fees. (C-65-06-024-1-01)
Item Text
L-2. AMENDMENT TO LEASE AGREEMENT WITH 2700 GROUP LLC FOR OFFICE SPACE Approve, and authorize the Chairman to execute, Amendment No. 2 to Lease Agreement L-7385 between 2700 Group LLC, as Lessor, and Maricopa County Library District (the “District”) for lease renewal of 17,360 square feet of office space at 2700 N. Central Avenue, Phoenix, Arizona. The new lease term in Amendment No. 2 of Lease Agreement L-7385 will be effective upon signature of the Chairman of the Board of Directors. Amendment No. 2 will extend the lease term for five (5) years and amend the lease expiration date to November 30, 2021. The rentable area of the premises is 15,000 square feet. The Amendment also adjusts the rental rate down to $18.00 per rentable square foot beginning December 1, 2016, with no CAM expense pass-through or rental tax pass-through. The annual rental rate increases by $0.50 per square foot per year beginning December 1, 2017. The District will have gratis use of sixty eight (68) unreserved parking spaces, including ten (10) overnight parking spaces for County vehicles within parking spaces as designated by Lessor. Lessor shall provide a credit to the District in an amount not to exceed $150.00 per month for parking validations for District’s visitor parking. Lessor shall provide an Allowance to the District in an amount of $5.00 per rentable square foot for making minor tenant improvements to the Premises. Lessee may apply the Allowance toward rent owed during the first twelve (12) months of the 60-month renewal term. County shall have two (2) options to renew the Agreement for additional 5-year terms at 95% of fair market rental value for comparative class facilities along Central Avenue. The Agreement may be terminated at the end of any fiscal year for non-appropriation of funds. Amendment No. 2 directs both the Director of Facilities Management Department and the Chief Real Estate Officer of Maricopa County, each individually, with the responsibility to administer the Agreement. (C-65-06-024-1-02)
2 item(s) sharing C-number base C-65-06-024-1