CITY COMMISSION AGENDA ITEM

Department:	City Manager’s Office		Commission Meeting Date:  12-18-18
Staff Contact:	Britt Crum-Cano, Economic Development Coordinator
Recommendations/Options/Action Requested:
Approve 3rd 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 2019, as requested by the BTBC.
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 2019.  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 2019.  The City and County would cover 2019 bond debt service, estimated at $116,008.75 each.  Approval of the request would result in a net decrease in BTBC rent payments of approximately $232,117.50 for 2019.  Note the City has budgeted for this extension in the 2019 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.

Strategic Plan Critical Success Factor	Collaborative Solutions Economic Growth and Security
Fiscal Impact (Amount/Source):	If request is authorized, the City will cover $116,008.75 in debt service for the BTBC expansion facility in 2019.  Note this amount was accounted for in the City’s 2019 budget.
Attachments:	Staff Memo with Updated 2019 Rent Schedule BTBC Request Letter (April 20, 2018) 3^rd Amendment to Lease Agreement Lease Agreement Cooperative Agreement 1^st & 2^nd Amendments to Lease Agreement

Reviewed By: (for CMO use only)

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