Title
Authorization to Amend Lease Agreement 130746 with Domino's Pizza, LLC to Extend Term (Ordinance S-51806) - District 5
Description
Request to authorize the City Manager, or his designee, to amend Lease Agreement 130746 with Domino's Pizza, LLC (Domino's) to extend the lease term through December 31, 2026. Further request to authorize the City Treasurer to accept all funds related to this item.
Report
Summary
Domino's leases approximately 1,495 square feet of interior space located on City-owned property at 1945 W. Dunlap Avenue, Suite #5 (aka Suite #205). The lease term expires April 30, 2025, and will be extended through December 31, 2026. Base rent during the extended term is $1,701.69 per month, plus applicable taxes, which is within the range of market rents as determined by the Real Estate Division. Domino's is a long-term tenant in good standing.
Contract Term
The term of the lease agreement will be extended through December 31, 2026, with no additional options to extend.
Financial Impact
Revenue during the extended term will be $34,033.80, plus applicable taxes.
Concurrence/Previous Council Action
Lease Agreement 130746 (Ordinance S-35376) was approved August 28, 2008,
Lease Agreements 130746-001 through 003 (Ordinance S-37261) were approved July 7, 2010,
Lease Agreements 130746-004 through 006 (Ordinance S-40154) were approved August 28, 2013.
Location
1945 W. Dunlap Avenue, Suite #5 (aka Suite #205)
Council District: 5
Department
Responsible Department
This item is submitted by Deputy City Manager Mario Paniagua and the Public Transit and Finance departments.