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Council authorizes temporary ONE Federal Credit Union lease at 500 Ridge Road
Summary
The council approved a lease allowing ONE Federal Credit Union to operate a temporary office at 500 Ridge Road while it builds a new branch at 3040 South Park Avenue; terms include $1,500 monthly rent, a one-year term with a one-time six-month extension option, and an early-termination clause.
The Lackawanna City Council on Sept. 8 approved a Lease Agreement authorizing ONE Federal Credit Union to occupy a temporary facility in the city-owned parking lot at 500 Ridge Road while the credit union constructs a new branch at 3040 South Park Avenue.
City Attorney Arianna Kwiatkowski summarized the lease provisions in the meeting packet: "The Lease provisions include: a one-year term, with a one-time six-month extension option; an early termination provision in the event the new facility is constructed prior to the expiration of the one-year term; rent at $1,500.00 per month; certain insurance requirements; and maintenance obligations." The packet also notes an early-termination mechanism if the new site opens sooner.
Council President Frederic V. Marrano moved to approve the lease authorization and to authorize the Mayor to sign; Councilmember Anderson seconded and the motion carried 3-0. The council deferred detailed development questions to Chuck Clark, Director of Development, per the city attorney's note.
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