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Council authorizes long‑term lease for senior center at Douglass School Apartments
Summary
Council authorized the City Manager to execute a lease with Bristol Residential LLC for senior center space at the Douglass School Apartments, effective July 1, 2024 through Dec. 31, 2038, with an annual payment of about $20,000 offsetting notes owed to the city.
Council authorized the City Manager to execute a lease agreement with Bristol Residential LLC to house the senior center in space at the Douglass School Apartments.
City Manager Randall Eads said the proposed lease would be effective July 1, 2024, extend through Dec. 31, 2038 and yield about $20,000 per year that would be credited against outstanding notes the city holds (currently about $874,000). The new lease was designed to offset interest earned on those notes; the notes are to be paid when they mature.
Council voted to approve the lease (moved by Neal Osborne; seconded by Michael Pollard) on a 4–0 vote.
