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2012_0910_Packet as amended
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2012_0910_Packet as amended
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10/11/2012 4:19:23 PM
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9/10/2012 9:16:48 AM
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REQUEST FOR COUNCIL ACTION <br /> Date: 9/10/12 <br /> Item No.: 7.g <br />Department Approval City Manager Approval <br />Item Description: Approve a 4-Year Lease Extension for the Roseville License Center <br />B <br />ACKGROUND <br />1 <br />Since 1999, the Roseville License Center has been located in the Lexington Shopping Center just north of <br />2 <br />the City Hall Main Campus. The current lease includes 3,332 square feet and expires on January 31, 2013. <br />3 <br />4 <br />Over the past few months, City Staff has been in negotiations with the shopping center to extend the lease <br />5 <br />for an additional term. With these negotiations, it was recognized that although it is in the City’s best long- <br />6 <br />term interest to have the License Center in a City-owned facility, it is unlikely that such a facility will be <br />7 <br />available in the next several years. There does not appear to be any community momentum to build new <br />8 <br />facilities beyond the current construction of a new fire station and planned park improvements. <br />9 <br />10 <br />Based on transaction volume projections, it is recommended that the License Center retain the same amount <br />11 <br />of leased space. However, in the event the City loses the ability to issue passports – currently a mild <br />12 <br />concern, the City would have the opportunity to terminate the leased area for that service. <br />13 <br />14 <br />Based on the negotiations, the Lexington Shopping Center has agreed to the following lease terms: <br />15 <br />16 <br />% <br />YearRate / S.F. Increase <br />2013 $17.523.0 % <br />2014 18.053.0 % <br />2015 18.593.0 % <br />2016 19.143.0 % <br />17 <br />As shown in the above table, the annual lease rate includes a 3.0% annual escalator. The previous lease had <br />18 <br />a 3.5% escalator. <br />19 <br />20 <br />It should be noted that the rates shown above include what is known as common area maintenance (CAM) <br />21 <br />charges. This is an important distinction when considering comparable lease rates in the marketplace which <br />22 <br />typically do not include CAM charges. For 2013, the proposed lease rate for the License Center without <br />23 <br />CAM charges would be about $9 per square foot. <br />24 <br />25 <br />Page 1 of 2 <br /> <br />
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