Title
Authorization to Amend Lease Agreement 130769 of City-Owned Property Located at 30 N. 3rd Avenue, 2nd Floor, American Institute of Architects (AIA) to Extend Term (Ordinance S-52691) - District 7
Description
Request to authorize the City Manager, or the City Manager's designee, to amend Lease Agreement 130769 with the American Institute of Architects (AIA) to extend the term for a five-year period. Further request authorization for the City Treasurer to accept all necessary funds in accordance with the terms of the lease.
Report
Summary
AIA, a non-profit organization, leases approximately 4,425 square feet of office space on the second floor of City-owned property located at 30 N. 3rd Avenue, also known as the J.W. Walker Building, for the purpose of general office use, seminars, and related functions. The current lease expires April 30, 2026, with no options to renew. This amendment will extend the lease agreement for a five-year period, beginning May 1, 2026. Base rent during the extended term will be $6,909.12 per month, plus applicable taxes, which is within the range of market rents as determined by the Real Estate Division. AIA is a long-term tenant in good standing.
All other terms and conditions will remain the same.
Contract Term
The term of the lease extension will be a five-year period, beginning May 1, 2026, through April 30, 2031, with no additional options to extend.
Financial Impact
Annual revenue during the initial year of the five-year extension period will be $82,909.44, plus applicable taxes.
Concurrence/Previous Council Action
Agreement 130769 (Ordinance S-37723), adopted March 16, 2011;
Agreement 130769-001 (Ordinance S-37998), adopted June 15, 2011;
Agreement 130769-002 (Ordinance S-42192), adopted December 16, 2015; and
Agreement 130769-003 and 004 (Ordinance S-47467), adopted April 21, 2021.
Location
30 N. 3rd Avenue, 2nd Floor
Council District: 7
Department
Responsible Department
This item is submitted by Deputy City Manager Alan Stephenson and the Public Works and Finance departments.