Bill Type and Number: Ordinance 2007-92
Sponsor: Council President at the
request of the JEDC
Date of Introduction: January 23, 2007
Committee(s) of Reference: F, ECID
Date of Analysis: January 26, 2007
Type of Action: Authorization of lease agreement
Bill Summary: The bill authorizes the
execution of a lease agreement between the City and Owens Research, Inc. (d/b/a
Tubes ‘N’ Hoses) for use of building #905 at
Background Information: The lease is for a term of
5 years with 3 one-year renewal options at a rate of $3.75 per square foot (no
escalation factor), a termination option, and includes up to $35,000 for tenant
build-out expenses. Owens Research is a
specialty manufacturer of specialized fluid lines for industrial vehicles and
equipment.
Policy Impact Area: Economic development;
Fiscal Impact: Provides for a lease rate
of $3.75 p.s.f. for the initial 5-year term.
Analyst: Clements