Title
A Resolution authorizing and directing the Mayor, on behalf of the Urban County Government, to execute a Lease Agreement with Lexington Downtown Development Authority, for lease of space at 101 East Vine St. [Dept. of General Services, Hamilton]
Summary
Authorization to execute a Lease Agreement with Lexington Downtown Development Authority (LDDA) for space within the Phoenix Building. (L740-12) (Hamilton)
This is a request to execute a Lease Agreement with LDDA for space within the Phoenix Building. The term is for one (1) year, July 1, 2012 through June 30, 2013 with an option of automatic extension for two (2) additional one (1) year terms. The average annual revenue over the entire term is &7,073.50
Budgetary Implications: Yes
Advance Document Review: Law (Used standardized lease agreement approved through Ordinance 145-2011)
Fully Budgeted: No
Account Number: 1101-011001-0001-42181
This Fiscal Year Impact: $4,804.67 (Revenue)
Annual Impact: $7,073.49 (3-yr average - Revenue increases each year).
Project:
Activity:
Budget Reference:
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized to execute the lease agreement, which is attached hereto and incorporated herein by reference, with Lexington Downtown Development Authority, for lease of space at 101 East Vine Street.
Section 2 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
___________________________________
MAYOR
ATTEST:
________________________________
CLERK OF URBAN COUNTY COUNCIL