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Council approves 10-year MOU for clinic/therapy lease with Hunt Memorial Hospital District
Summary
Council approved a memorandum of understanding with Hunt Memorial Hospital District for a 10-year initial lease of front-of-building space for physical therapy and sports rehab at about $34 per square foot; the city will pay for build-out and tenant will cover utilities and escalators included in lease terms.
Staff presented a memorandum of understanding with Hunt Memorial Hospital District for leasable space at a city facility intended for physical therapy and sports-rehab services. Brett Quarles said the initial term was designed as 10 years, with a rent rate near $34 per square foot and contractual escalators; the city would pay to build out the interior and the tenant would be responsible for utilities and any graduated rent escalators.
Council discussed the terms and unanimously approved the MOU. Staff described the arrangement as a way to secure front-of-building lease revenue while providing medical/recovery services in a city facility; the MOU was presented as an outline of commercial terms pending final agreement details.
