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Council sends proposed long-term lease with Excel Academy to ordinance committee after debate over terms
Summary
Providence City Council referred a proposed long-term lease with Excel Academy for the vacant College E. Laurel School building to the Ordinance Committee after council members raised concerns about the length, rent credits and sublease rights in the draft agreement.
The Providence City Council voted to refer a proposed resolution allowing a long-term lease with Excel Academy for the College E. Laurel School building to the Ordinance Committee after prolonged debate about the lease terms.
Councilman Reyes framed his objections to the draft as fiscal and control issues, saying “the terms of this lease are frankly one sided,” and listing concerns about the lease’s effective duration, credits that could reduce city rent, and the tenant’s ability to sublease or mortgage the…
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