Title
Introduction of Ordinance Approving a Lease and Authorizing the City Manager to Execute Documents Necessary to Implement the Terms of a 24 Month Lease with Advanced Roofing Services, a California Corporation, for Building 612 located at 1450 Viking Street at Alameda Point. (Base Reuse 819099) [Requires four affirmative votes]
Body
To: Honorable Mayor and Members of the City Council
From: John A. Russo, City Manager
Re: Introduce an Ordinance Approving a Lease and Authorizing the City Manager to Execute Documents Necessary to Implement the Terms of a 24 Month Lease with Advanced Roofing Services, a California Corporation, for Building 612 located at 1450 Viking Street at Alameda Point
BACKGROUND
Advanced Roofing Services provides re-roofing, water-proofing, repair/maintenance and gutter service. The premises will be used as a warehouse and administrative office for roofing services and materials.
In June of 2013, Advanced Roofing Services moved into Building 612 under its Original Lease. The term of the Original Lease expired on July 31, 2014 and since that time, Advanced Roofing Services has occupied and continues to occupy the premises on a month-to-month tenancy, therefore, this lease is intended to retain an existing tenant.
DISCUSSION
Building 612 consists of approximately 4,000 square feet of rentable space with adjacent parking in front of the premises.
The current rent is $2,200 per month. The proposed 24-month lease with Advanced Roofing Services for Building 612 requires payment of $2,266 monthly for year one and $2,334 for year two of the term. The lease contains the standard insurance, indemnity, assignment and termination clauses the City of Alameda requires in all its leases.
Months
Rent/SF
Monthly
Annually
0-12
$0.57
$2,266.00
$27,192.00
13-24
$0.58
$2,334.00
$28,008.00
FINANCIAL IMPACT
The monies from the new lease will be deposited into the Base Reuse Department lease revenue fund and are limited to uses pe...
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