Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Real Estate topic
No spam. Unsubscribe anytime.
Board pauses vote on new office lease; staff to return in March with negotiated terms
Summary
Staff described plans to add roughly 2,200 square feet adjacent to current offices and requested authority to execute a lease; trustees deferred action while negotiations continue and asked staff to return in March.
The board received an overview of proposed office expansion but deferred any authorization to execute a lease pending further negotiation.
Staff said the office seeks about 2,228 square feet adjacent to the boardroom that would house roughly 16 workstations, one private office and a small meeting room. The proposed agreement would run five years with an option for another five years to align with the board’s fiscal year; staff asked that the lease align to June 30 and noted landlord counteroffers remained unresolved.
Staff said the landlord declined some proposed terms and staff had requested a tenant improvement allowance of $200,000 with at least $30,000 allowed for furniture (non‑typical TI). The current base rent was described in the meeting as about $33.21 per square foot; staff said they had requested a lower base rate and some months of rent abatement during buildout. Because the landlord had returned a counteroffer, staff asked to table the item and return to the March meeting with finalized terms.
Trustees discussed base rent, tenant improvements and budget authority; one trustee asked why the item required board approval and staff said the CEO’s delegated contracting authority is limited to $50,000 per year and this proposed lease would exceed that amount.
Ending: The board deferred action and directed staff to complete negotiations and return with recommended terms at the March meeting.
