INTER-OFFICE MEMORANDUM October 21, 2024
TO: Dan Lewis, President, City Council
FROM: Timothy M. Keller, Mayor
SUBJECT: title
Lease Agreement between Townsite QO21 and the City for property located at 501 Tijeras NW
body
The General Services Department would like to enter into a Lease Agreement with Townsite QO21 for the property located at 501 Tijeras NW. The property consists of 29,475 square feet of space and is located in the Downtown area. The proposed lease is to provide additional office space for City Departments and is in close proximity to additional City offices and services. The initial term of the lease is for 2 years and the City will have the option to purchase the property after the 2-year term of the lease.
The proposed annual cost for the initial 2-year term of the lease is $842,496.00 with the option to extend for 3 consecutive periods and each period shall be for 1 year. The option to extend will be subject to a three percent (3%) annual escalation.
The General Services Department will also have the option to purchase the property after the initial
2-year lease term or during the renewal term. The City will receive a $150,000 lease credit to be applied to the purchase price. The final purchase price will be $3,000,000.00.
This Lease Agreement is forwarded to City Council for approval.
TITLE/SUBJECT OF LITIGATION: Lease Agreement between Townsite QO21 and the
the City for property located at 501 Tijeras NW
Approved: Approved as to Legal Form:
______________________ _ ____________________________
Samantha Sengel, EdD Date Lauren Keefe Date
Chief Administrative Officer City Attorney
Recommended:
______________________ _
Nathan Martinez, Director Date
General Services Department