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CITY COMMISSION AGENDA ITEM |
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Department: |
City Manager’s Office |
Commission Meeting Date: 8-15-2017 |
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Staff Contact: |
Diane Stoddard, Assistant City Manager Thomas M. Markus, City Manager Britt Crum-Cano, Economic Development Coordinator |
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Recommendations/Options/Action Requested: |
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Approve second amendment to the lease agreement between the City of Lawrence, Douglas County and the Bioscience Technology Business Center (BTBC) to extend the lease repayment schedule for the BTBC expansion facility located at 4950 Bob Billings Parkway for one year through 2018, as requested by the BTBC. |
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Executive Summary: |
The BTBC is asking for a rent relief extension of one year for the BTBC expansion facility, requesting the City and County continue to cover bond debt service through 2018.
If approved, the extension will provide the City an opportunity to work with BTBC staff and the County on long-term options related to the BTBC expansion facility. The BTBC contribution would remain at $12,500 twice per year (a total of $25,000 annually) for one extra year, through 2018. This would result in a net decrease in BTBC rent payments of approximately $232,200 for 2018. The City and County would cover 2018 bond debt service, estimated at approximately $116,100 each.
Note the City has budgeted for this extension in the 2018 budget, having assumed equal payments from the City and County to cover bond debt service and the BTBC paying a total of $25,000 in rent for the year. |
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Strategic Plan Critical Success Factor |
Collaborative Solutions Economic Growth and Security |
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Fiscal Impact (Amount/Source): |
If request is authorized, the City will cover $116,096.25 in debt service for the BTBC expansion facility in 2018. Note this amount was accounted for in the City’s 2018 budget. |
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Attachments: |
BTBC Request Letter (February 23, 2015) First Amendment to Lease Agreement BTBC Request Letter (June 27,2017) |
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Reviewed By: (for CMO use only) |
☐TM ☒DS ☐CT ☐BM |