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Administration outlines terms of proposed Boone County Clerk lease; council to review full contract next month
Summary
City staff updated the council on a proposed 30-year lease for the Boone County Clerk's Office at 8020 Veterans Memorial Drive: 9,500 sq ft, 5% rent increases every five years, tenant-finish reimbursements with half at signing and remaining repaid over 20 years; full contract to be provided in the next packet.
Mr. Hunt briefed council on the proposed Boone County Clerk's Office lease, providing an overview of the principal commercial terms and next steps. He said the new space is roughly 9,500 square feet, more ADA compliant, will house county voting machines, and includes tenant-finish improvements with a repayment arrangement.
Mr. Hunt summarized key terms: "So the new lease space is 9,500 square feet... It is a 30 year term... 5% the rent will increase 5% every 5 years of the term of the lease... As soon as the contract signed, we'll be reimbursed for 0.5 of that cost. The rest of it is through a 20 year repayment plan with interest accrued as a part of that tenant finished build out." He told council the final cleaning contract had just arrived and the full lease will be included in the next business-meeting packet for review.
