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File #: 23-0481    Version: 1 Name: 4/3/23 Resolution to Approve Second Amendment to Lease with 2725/2805 Associates, LLC for CTN
Type: Resolution Status: Passed
File created: 4/3/2023 In control: City Council
On agenda: 4/3/2023 Final action: 4/3/2023
Enactment date: 4/3/2023 Enactment #: R-23-107
Title: Resolution to Approve the Second Amendment to the Lease with 2725/2805 Associates, LLC (successor to First Industrial, L.P.) for Administrative and Video Production Space for the City Community Television Network (2805 S. Industrial Highway, Ste. 200 Eisenhower Corporate Park) (8 Votes Required)
Attachments: 1. 2023.03.08_2nd_Amendment_CTN_clean.pdf, 2. LeaseRenewalExecutedCopy.pdf, 3. CTN LeaseexecutedFINAL.pdf

Title

Resolution to Approve the Second Amendment to the Lease with 2725/2805 Associates, LLC (successor to First Industrial, L.P.) for Administrative and Video Production Space for the City Community Television Network (2805 S. Industrial Highway, Ste. 200 Eisenhower Corporate Park) (8 Votes Required)

Memorandum

The attached Resolution authorizes the Second Amendment to the Lease with 2725/2805 Associates, LLC (successor to First Industrial, L.P.) for Administrative and Video Production Space for the City Community Television Network (2805 S. Industrial Highway, Ste. 200 Eisenhower Corporate Park) (“Second Amendment”).

 

Budget/Fiscal Impact:  The necessary funding will be budgeted annually during the term of the lease.  Base Rent for the first year of the renewal term will be $131,959.08.

 

Since 2008, Community Television Network (CTN) has leased approximately 7,735 square feet of office space in the Eisenhower Corporate Park building located at 2805 S. Industrial Highway, Ste. 200 in Ann Arbor. The City’s current lease will expire on August 31, 2023. The Second Amendment extends the term of the lease for an additional five-year period and adds an option for early termination after three years.

 

The Communications Office and City Administrator are requesting that City Council authorize the Mayor and City Clerk to sign the Second Amendment on behalf of the City after review and approval by the City Administrator and City Attorney.

Staff

Prepared by:   Michelle Landis, Senior Assistant City Attorney

Reviewed by:  Lisa Wondrash, Communications Director

Approved by:  Milton Dohoney Jr., City Administrator

Body

Whereas, The City of Ann Arbor Community Television Network has leased office space in the Eisenhower Corporate Park Building located at 2805 S. Industrial Highway, Suite 200 in Ann Arbor since 2008;

 

Whereas, CTN’s current lease will expire on August 31, 2023;

 

Whereas, The City Administration has determined it is in the best interest of the City to extend the term of the lease for five years, with an option for early termination after three years; and

 

Whereas, The necessary funding for the annual rent will be budgeted each year during the term of lease;

 

RESOLVED, That City Council approve the Second Amendment to the Lease with 2725/2805 Associates, LLC to extend the term from September 1, 2023 through August 31, 2028, with an option for early termination on August 31, 2026; and

 

RESOLVED, That the Mayor and City Clerk be authorized and directed to execute the Second Amendment to the Lease after approval as to substance by the City Administrator and approval as to form by the City Attorney.