Regular City Council Meeting


Print

Return to the Search Page Return to the Agenda
  Item No. 11.       
Meeting Date: 05/13/2021  
COMMITTEE: Legal  
CONTACT: Parker Patterson CHAIR: Judy Stubbs

ACTION REQUESTED:
Test Facility Lease Agreement - Consider recommending approval for A.O. Smith to enter into a renewed lease agreement at the Roswell Test Facility. (Stubbs/Verciglio)
BACKGROUND:
Initiated by: Joe Neeb/Todd Verciglio

The City owns a parcel of real property located on Highway 380 known as the Roswell Test Facility. A.O. Smith has leased this property from the City since 1986. The most recent lease agreement expired in October 2020 and the parties have continued on a month to month basis.
 
The company uses the facility for product testing. The proposed Lease Agreement has an initial 5 year term, with 4 additional renewal terms, at A.O. Smith’s option. 
FINANCIAL CONSIDERATION
Rent for the initial term is $57,667.62, escalating to $100,546.62 over the initial term. Thereafter, rent will increaser by CPI or 3%, whichever is greater, during any renewal term.
LEGAL REVIEW:
The City Attorney was involved in the negotiation process.
BOARD AND COMMITTEE ACTION:
The Legal Committee voted 3-0 in favor of approving the lease at the April 29th, 2021 meeting.
STAFF RECOMMENDATION:
Test Facility Lease Agreement - Consider recommending approval for A.O. Smith to enter into a renewed lease agreement at the Roswell Test Facility.
Attachments
ATT 1 A.O. Smith Lease Agreement


    

Level double AA conformance,
                W3C WAI Web Content Accessibility Guidelines 2.0

AgendaQuick ©2005 - 2022 Destiny Software Inc. All Rights Reserved.