TITLE
Recommendation to authorize City Manager, or designee, to execute all documents necessary to amend Lease No. 26422 between Abbass and Shohreh Tousi, as individuals, and the Housing Authority of the City of Long Beach (Housing Authority), for office space located at 521 East 4th Street, for six additional months until March 31, 2021, with an option to further extend on a month to month basis beyond March 31, 2021. (Citywide)
DISCUSSION
The Housing Authority has leased and occupied the premises located at 521 East 4th Street since 1999 pursuant to Lease No. 26422 (Lease). Abbass and Shohreh Tousi are the current landlords under the Lease. The Lease has been amended several times and is currently scheduled to expire on September 30, 2020. Because the new lease executed by the Housing Authority for 1515 Hughes Way, Suite 100 in Pod A, will not be available until early 2021, it is imperative that the Housing Authority extend its occupation of its current building until March 31, 2021, with an option for month to month tenancy beyond March 31, 2021.
· Landlord: Abbass and Shohreh Tousi, as individuals.
· Tenant: Housing Authority of the City of Long Beach, a municipal corporation.
· Rate: $21,000 per month at a rate of $2.10 per square-foot.
· Leased Premises: Approximately 10,000 rentable square feet of office space at 521 East 4th Street, Long Beach, CA 90802.
· Term: Six months.
· All remaining terms and provisions of Lease No. 26422 will remain in effect.
This matter was reviewed by Deputy City Attorney Richard F. Anthony on July 23, 2020 and by Revenue Management Officer Geraldine Alejo on July 24, 2020.
TIMING CONSIDERATIONS
Housing Authority action is requested on August 11, 2020 to execute an amendment to the Lease in a timely manner.
FISCAL IMPACT
The total cost for the six-month lease extension will not exceed $126,000. Sufficient funds are currently budgeted in the Housing Authority Fund Group in the Health and Human Services Departmen...
Click here for full text