City of Somerville, Massachusetts - File #: 205520

• File #: 205520
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 3/29/2018
• In control: City Council
• On agenda: 4/12/2018
• Final action: 4/26/2018
• Enactment date: 4/12/2018
• Enactment #: 205520
• Title: Requesting approval to execute a five year lease agreement for the Grove Street parking lot
• Code sections: Contract -

Date	Ver.	Action By	Action	Result
5/3/2018	7	BOA	Mayoral Approval
4/26/2018	6	City Council	Approved
4/24/2018	5	Finance	Approved
4/12/2018	4	City Council	Referred for recommendation

  Agenda Text

title

Requesting approval to execute a five year lease agreement for the Grove Street parking lot

body

Official Text

To the Honorable Board:

I respectfully request the approval of your Honorable Board to execute another five year lease agreement to continue providing parking to the public and businesses in the Grove Street parking lot, Davis Square (behind McKinnon's).

Attached is the proposed Lease Agreement. 

The cost is as follows:

Initial Term:	Fiscal Year	Monthly Totals by Year	BASE RENT Annual Totals
6/1/17-6/30/17	FY17	$3,074.00	$3,074.00
7/1/17-6/30/18	FY18	$3,074.00	$36,888.00
7/1/18-6/30/19	FY19	$3,196.96	$38,363.52
7/1/19-6/30/20	FY20	$3,292.87	$39,514.43
Option Term 1:
7/1/20-6/30/21	FY21	$3,358.73	$40,304.73
Option Term 2:
7/1/21-6/30/22	FY22	$3,392.32	$40,707.81
			$198,852.48

Traffic and Parking Director, Suzanne Rinfret, will be available to answer any questions you may have. Thank you for your consideration of this matter.

Respectfully,

Joseph A. Curtatone, Mayor