AGENDA DATE: 6/3/2020
TITLE:
Title
Lease Renewal - Staengl Engineering LLC
BODY
SUBJECT/PROPOSAL/REQUEST: Resolution to approve a Lease Renewal Agreement with Staengl Engineering, LLC for the continued use of a portion of the Crozet Library
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Henry, Kamptner, Herrick, Stewart, Freitas
PRESENTER (S): Michael Freitas
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: On July 3, 2013, the Board endorsed a proposal for a retail operation in the larger ground-floor space, and a tourism-oriented use in the remaining space. Those spaces were constructed for potential future uses by the Library. Though the Charlottesville-Albemarle Convention and Visitor Bureau (CACVB) was initially expected to occupy the smaller ground-floor space, that space was later determined to be too large for the CACVB's desired operational needs. Subsequently, that space was leased to Staengl Engineering, LLC in May 2015, which has proven to be an excellent tenant whose market rate rent payments help to offset the operating costs of the Library.
STRATEGIC PLAN: Mission: To enhance the well-being and quality of life of all citizens through the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: Staengl Engineering, LLC's lease expires on June 30, 2020, and they have expressed a desire to renew their lease. The proposed Lease Renewal Agreement (Attachment A) would extend the lease through June 30, 2021, and would automatically renew the lease thereafter for additional 12-month terms unless written notice is given by either the County or Staengl Engineering, LLC no later than 60 days prior to the expiration of any term. All other conditions of the existing lease would remain in effect, including an annual rent escalator based on the Consumer Price Index (CPI).
BUDGET IMPACT: Current annual rental revenue is $20,839.58.
RECOMMENDATION:
Recommendation
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