Posting Language
Title
Authorize negotiation and execution of a 3-year lease agreement with 1106 Smith Rd LLC for approximately 6,298 square feet of warehouse and office space located at 1106 Smith Road, Suites 105 and 106, together with two, 1-year extension options, for a total amount not to exceed $668,739.
De
Lead Department
Financial Services Department.
Fiscal Note
Funding of $41,988 is available in the Fiscal Year 2023-2024 Operating Budget of the Communications and Technology Management Department. Funding for the remaining 56 months of the initial lease agreement and extension options is contingent upon available funding in future budgets.
For More Information:
Brandon Williamson, Financial Services Department, 512-974-5666; Michael Gates, Financial Service Department, 512-974-5639; Pushpa Srinivasa, Communications and Technology Management Department, 512-972-3209.
Additional Backup Information:
The Communications and Technology Management Department (CTM) and Fleet Mobility Services Department (FMS) have shared a warehouse and office building at 6400 Bolm Road for over 30 years and have outgrown the space. FMS will eventually vacate this location and move to the new FMS Service Center, which is currently in the design phase and anticipated to be completed in three years. At that time, CTM will expand into the vacant FMS space. Until then CTM needs to lease additional space to support their operations given the space constraints. The proposed space at 1106 Smith Road is directly adjacent to the building at 6400 Bolm Road.
The proposed lease consists of Suites 105 and 106 and is comprised of 6,298 square feet of warehouse and office space. The proposed base rent is $15.00 per square foot, and operating expenses are $5.00 per square foot in year one. The base rent and operating costs will increase by three percent per year. There are two 1-year renewal options for a total of five years. The proposed not to exceed amount includes the two 1-year ren...
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