INTER-OFFICE MEMORANDUM July 8, 2020
TO: Pat Davis, City Council President
FROM: Timothy M. Keller, Mayor
SUBJECT: title
Lease Agreement between the Regents of the University of New Mexico, and the City of Albuquerque
body
The City owns property known as the East Central Health and Social Services Center located at 302 San Pablo SE and 306 Sand Pablo SE. The Regents of the University of New Mexico currently leases the property owned by the City for the purpose of providing young children’s health care and/or community medical services and related activities for qualified residents of the City and to provide access to low and moderate income citizens to these services. The Regents of the University of New Mexico wishes to continue its tenancy and is willing to enter into a new lease agreement with increased rent.
The proposed Lease Agreement is for a five (5) year period with the option to renew for an additional five (5) year period, if lessee is in compliance with the lease and if properly exercised. Proposed annual rent is $105,139.80 with a 3% escalation each year thereafter. The initial five (5) year term will generate $558,442.68 in revenue for the City.
This Lease Agreement is forwarded to City Council for approval.
Title/Subject of Legislation: Lease Agreement between the Regents of the University of New Mexico, and the City of Albuquerque
Approved:
Sarita Nair Date
Chief Administrative Officer
Recommended:
___________________________
Carol Pierce, Director Date
Family and Community Services