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Item No. 11.
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)
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.
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.
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 29
, 2021 meeting.
Test Facility Lease Agreement - Consider recommending approval for A.O. Smith to enter into a renewed lease agreement at the Roswell Test Facility.
ATT 1 A.O. Smith Lease Agreement
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