Title
Resolution to Approve Amendment No. 1 of the Lease Agreement with The Regents of the University of Michigan for the Community Dental Center for $1.00 Per Year
Memorandum
The City currently has a commercial lease agreement with the The Regents of the University of Michigan for the lease of City-owned property at 406 N. Ashley Street for use as a Community Dental Center. The University of Michigan has leased the City-owned building since 1981 to provide dental services to low-income Ann Arbor residents at the Community Dental Center.
The current lease provided for an option to renew the lease annually for three additional one-year periods through June 30, 2009. Instead of continuing to exercise the option to renew the lease for one-year periods, the University of Michigan has requested that the current lease terms be amended to allow for the renewal of the lease for a period of five (5) years, commencing July 1, 2008 and terminating June 30, 2013 with the option to renew for an addition five-year period to be reviewed 60 days prior to expiration and subject to approval by the City Administrator.
Passage of the attached resolution is recommended.
Staff
Prepared by: Dee Lumpkin, Procurement, Financial Services
Reviewed by: Tom Crawford, Chief Financial Officer
Body
Whereas, The University of Michigan has leased the City-owned building at 406 N. Ashley Street since 1981 for use by the Community Dental Center;
Whereas, The City of Ann Arbor has contracted with The University of Michigan to provide dental services to low-income Ann Arbor residents at the Community Dental Center since 1981; and
Whereas, The University of Michigan has requested and the Administration recommends amendment of the renewal provisions of the current commercial lease agreement to modify the available one-year renewal term to five years and allow for one additional five-year renewal term on mutual agreement of the parties;
RESOLVED, That City Council approve Amendment No. 1 ...
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