INTER-OFFICE MEMORANDUM September 27, 2021
TO: Cynthia Borrego, President, City Council
FROM: Timothy M. Keller, Mayor
SUBJECT:
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Lease Agreement between CLNKids and the City of Albuquerque at John Marshall Health and Social Service Center at 1500 Walter SE
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The City owns property known as the John Marshall Health and Social Service Center located at 1500 Walter SE. CLNKids currently leases the property owned by the City for purpose of providing high-quality child development and education for children and support programs for parents of homeless families. CLNKids wishes to continue its tenancy and is willing to enter into a new lease.
The proposed Lease Agreement is for a five (5) year term with five (5) one (1) year renewal periods, if lessee is in compliance with the lease and if property exercised. The proposed annual rent is $49,284.00 with a 2.5% escalation each year thereafter. The initial five (5) year term will generate $259,987.42 in revenue for the City.
This Lease Agreement is forwarded to City Council for approval.
TITLE/SUBJECT OF LITIGATION: Lease Agreement between CLNKids and the City of Albuquerque at John Marshall Health and Social Service Center at 1500 Walter SE
Approved: Approved as to Legal Form:
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Sarita Nair Date Esteban A. Aguilar, Jr. Date
Chief Administrative Officer City Attorney
Recommended:
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Carol M. Pierce, Director Date
Family and Community Services