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Stamford planning board approves long-term lease of Cortland parcels for school bus parking
Summary
The Stamford Planning Board voted April 28 to approve a city lease of two Cortland Avenue parcels (2.93 acres) for school bus parking, a move city officials say will strengthen competition in the district's bus services RFP and may reduce transportation costs over time.
The Stamford Planning Board on April 28 approved a city lease of two parcels at 0 and 338 Cortland Avenue to create a consolidated school bus parking area, a city official said.
Mac Quinones, director of operations for the city of Stamford, told the board the lease will give the Stamford Public Schools a secure location to include in its request for proposals for bus service, “thus putting the Board of Ed in a better position to solicit competitive bid prices.” He said the city will need subsequent approvals from the Board of Finance and the Board of Representatives to finalize the deal.
Assistant corporation counsel Chris Elisalba described key terms of the agreement as a triple-net lease, with the city responsible for utilities and related costs and owners agreeing to some site cleanup. Elisalba said the lease’s initial term is 15 years with two city-only five-year extension options, potentially totaling 25 years. He also explained the owners agreed to a right of first refusal if they receive a bona fide purchase offer and said the lease runs with the land so it survives an owner sale provided the city is not in default. “The rent starts off around, looks at 600 a year and it goes up 2.5% every year … that's the math to get you all the way through to $847,784.29 by year 15,” Elisalba said.
Ryan Feeley, chief financial officer for Stamford Public Schools, told the board the district analyzed likely costs over the next five years and concluded it is likely—though not guaranteed—that leasing the property and rebidding bus service will be less expensive than the projected costs without an available parking site. “We believe just over the next 5 years, it will be less expensive for the city to pay for this lease and to pay for the services of a new contractor compared to what we would have paid otherwise,” Feeley said.
Board members asked whether outright purchase had been considered and whether a broker assisted in locating the parcels; staff said purchase was not an available option in this instance and confirmed broker assistance. After questions, a board member moved to approve the lease, the motion was seconded and carried by voice/hand-raise. The board record did not include a roll-call tally.
