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EVERETT CITY'COUNCIL AGENDA ITEM COVER SHEET <br /> PROJECT TITLE: <br /> Everett School District No. 2 Consent COUNCIL BILL# <br /> Property Lease Agreement X Action Originating Department Facilities/Prop.Mgmt. <br /> with the City of Everett for First Reading Contact Person Michael Palacios <br /> the lease of property located Tom Hingson <br /> at 2911 California Ave. for Second Phone Number 257-8938 <br /> Everett Transit bus facilities Reading 257-8939 <br /> Third Reading FOR AGENDA OF 1/30/2008 <br /> Public Hearing <br /> Initialed by: <br /> Department Head <br /> CAA <br /> Council President ,t <br /> Location Preceding Action Attachments Department(s) Approval <br /> 2911 California Ave, Real Estate Comm. Lease Agreement Legal <br /> between Pine and Maple 6/20/07 Transit <br /> Streets Real Property <br /> Amount Budgeted $150,000 425 5 081 010 010 450 <br /> Expenditure Required $143,280 Account Number(s): <br /> Budget Remaining $6,720 <br /> Additional Required <br /> DETAILED SUMMARY STATEMENT: <br /> The City of Everett proposes to lease a portion of the property located at 2911 California Ave. The property <br /> is owned by the Everett School District and served as the bus barn facility for Durham transportation <br /> services. The Everett Transit Department needs space to accommodate new buses that were delivered in 2007 <br /> in addition to buses that will be delivered this year. <br /> The proposed lease agreement is for approximately 1.3 acres of paved parking area space for buses and <br /> approximately 8,050 square feet of building space at the site. The initial lease term is for three(3)years with <br /> two (2) one year options to extend the lease agreement. The proposed rate for the first year of the three year <br /> period of the lease is $11,940 per month. The rate will increase by three percent for years two (2) and three <br /> (3) to $12,298 per month and$12,667 per month consecutively. The lease rate for each of the extension <br /> periods would be adjusted based upon the lesser of the increase in the consumer price index (CPI-U) or five <br /> percent. <br /> RECOMMENDATION: Authorize the Mayor to sign Everett School District No. 2 Property Lease <br /> Agreement with the City of Everett for the lease of property located at 2911 California Ave. for Everett <br /> Transit bus facilities <br />