Agenda Item # 2
Columbus Consolidated Government
Council Meeting
12/21/2004
Agenda Report # 54
TO: Mayor and Council
SUBJECT: Agenda Report - MOU for Lease of Property
INITIATED BY: Richard Bishop, Deputy City Manager
Recommendation: Recommend approval for City Manager to enter into a
lease agreement ($120 per year) with Foundations Properties (Properties) for
property located at 1015 Broadway (Moving Man parking lot ).
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.
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 Broadway ( Moving Man parking lot )