February 5, 2019
INTER-OFFICE MEMORANDUM
TO: Klarissa Peña, City Council President
FROM: Timothy M. Keller, Mayor
SUBJECT:
title
Lease Agreement between the City of Albuquerque, a New Mexico municipal corporation, and Youth Development Incorporated, a New Mexico nonprofit corporation
body
The City owns property known as the Tim M. Gallegos Center, Health and Social Service Center located at 6900 Gonzales Road SW. Youth Development Incorporated (YDI) currently leases 770 sq. ft. of the property owned by the City for the purpose of providing self-sufficiency, mentoring, training and educational programs to low-income youth and families. YDI wishes to continue its tenancy and is willing to enter into a new lease based upon an increased rent amount.
The proposed Lease Agreement is for a five (5) year period. The lease will generate $4,620.00 in revenue the first year and escalate 3.5% annually over the term of the lease. The initial five (5) year term will generate $24,778.60 in revenue for the City. The proposed lease also provides for two (2) three (3) year extension options so long as the tenant is not in default and if properly exercised.
This Lease Agreement is forwarded to City Council for approval.
Title/Subject of Legislation: Lease Agreement between the City of Albuquerque, a New Mexico municipal corporation, and Youth Development Incorporated, a New Mexico nonprofit corporation.
Approved:
Sarita Nair Date
Chief Administrative Officer
Recommended:
Carol Pierce Date
Director, Family and Community Services