Recommend approval for City Manager to enter into a lease agreement ($120 per \n \n year) with Foundations Properties (Properties) for property located at 1015 \n \n Broadway (Moving Man parking lot ).
Approval
Approved
Background
In connection with the proposed construction by Properties of student housing
at 1019 Broadway, Properties is in need of the use of the property
located at 1015 Broadway, which is currently owned by the City. Once the
property is leased to Properties, Properties will construct the student housing
but Properties will insure a pedestrian walkway is constructed on the property
running from Broadway to the parking garage which will be built pursuant to the
Memorandum of Understanding by and between the City, Foundation Properties and
W.C. Bradley.
Analysis
See attachment MOU
Financial Considerations
The City will lease the property for $120 per year.
Projected Annual Fiscal Impact Statement
Legal Considerations
The City Attorney has reviewed the Memorandum of Understanding.
Recommendations/ Actions
Recommend approval for City Manager to enter into a lease agreement ($120 per
year) with Foundations Properties (Properties) for property located at 1015