The Hertz Corporation (Hertz) currently leases 914 square feet of office space at $19.75 per square foot and 20 parking spaces at $110.00 per space in the Municipal Parking Garage, 917 Taylor Street, for a car rental facility. The lease expired November 30, 2018, and staff recommends entering into a new lease. The term of the lease will be three years beginning on December 1, 2018, and ending November 30, 2021. The lease also includes one additional two-year term through November 30, 2023 upon the City's receipt of a written notice from Hertz at least 60 days prior to expiration of the lease's initial term. This lease provides for 914 square feet of office space and 20 parking spaces at a total annual rent of $46,851.48 for the first year. The rent will be paid monthly in the amount of $3,904.29, which is $1,504.29 per month for the office space and $2,400.00 for the parking spaces. Six of the parking spaces are contiguous spaces on Level 1A and the remaining fourteen of the parking spaces are non-contiguous spaces on the sixth floor of the parking garage and in the Motor Pool Lot in the 900 block of Taylor Street. Under the lease, rent will increase for the office space to $20.34 per square foot in the second year of the initial term and will increase to $20.95 per square foot on the third year of the initial term. The lease of the parking spaces will increase to $120.00 per space starting in the first year of the new lease. If the lease is renewed, the rent for the parking spaces and office space shall remain the same as outlined in the third year of the initial term.
This lease is located in COUNCIL DISTRICT 9. |
