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Attorney outlines Fifth Amendment to CPGH Inc. operating agreement, including lease-cap correction
Summary
Borough attorney Kelly summarized a fifth amendment to the operating agreement with CPGH Inc., noting a correction to a reported lease cap, added due-diligence language, and preferred language for right-of-first-refusal and tenant-improvement terms; an assembly member raised timing concerns about a 30-day right-of-first-refusal.
The committee reviewed Resolution 2026-028, which would authorize the mayor to execute the Fifth Amendment to the operating agreement with CPGH Inc. Borough attorney Kelly explained the amendment does three principal things: it corrects an error in a reported lease cap, adds fit-for-purpose property acquisition due-diligence language, and includes preferred language for sole-lessee circumstances such as financial rights of first refusal and tenant improvement provisions.
Kelly explicitly addressed an apparent numeric error raised earlier about the lease cap changing from $550,000 to $1,400,000, calling that change "an error from the original." Kelly also said the amendment provides a 30-day review period for a right of first refusal and that per borough code the mayor has authority to negotiate land acquisition or disposal deals contingent on assembly approval; the amendment contemplates a GRAMA-in-principle that would then come before the assembly.
Assembly member Cooper asked how a 30-day right of first refusal would align with the time it takes to bring a matter before a government body; Kelly confirmed the 30-day review period is contemplated and tied to the borough’s negotiation and approval process.
No committee vote on the resolution was recorded in the transcript. The committee adjourned at 04:47.
