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Budget committee approves amended Mission and Gulf Street leases, citing nearly $2.5 million savings over five years
Summary
The committee approved amended five‑year lease extensions for city office space on Mission and Gulf streets after renegotiations produced lower rates; staff reported combined savings of about $2.5 million over the terms and the items were sent to the full Board with a positive recommendation.
Chair Sandra Lee Fewer said the committee voted to send two lease items to the full Board with a positive recommendation after the city successfully renegotiated the proposed rents. Andrico Pinnock, Director of Real Estate, told the committee he had gone back to landlords and secured roughly a 15% reduction from last week’s proposals, producing a new proposed rate of $41.18 per square foot…
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