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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br /> PROJECT TITLE: <br /> Amendment No. 1 to the Briefing COUNCIL BILL# <br /> Former Key Bank Building 9/14/11 Action Originating Department Legal <br /> Lease with Village Theatre First Reading Contact Person Jim Iles <br /> Second Reading Phone Number 257-7000 <br /> Third Reading FOR AGENDA OF 9/14/11 <br /> Public Hearing <br /> Briefing Initialed by: <br /> Department Head <br /> CAA <br /> Council President Ati <br /> Location Preceding Action Attachments Department(s)Approval <br /> None Lease Amendment No. 1 to the Legal, Finance <br /> Former Key Bank <br /> Building Lease with <br /> Village Theatre <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: <br /> The City has a lease with Village Theatre for the former Key Bank Building. Under the lease, rent begins at <br /> $4000 per month for the first year and increases with CPI. Rent is reduced to $2000 per month during <br /> construction of tenant improvements. Village Theatre is currently paying$2000 per month. <br /> Because of construction in what will be the plaza,Village Theatre is unable to sublease the consession area in <br /> the Key Bank building. This sublease will be a significant source of revenue for the Village Theatre. <br /> Village Theatre has requested that the rent remain at the reduced rate until the plaza is completed. Under the <br /> proposed amendment, the reduced rent of$2000 per month will be extended until the City's construction in <br /> the plaza is completed to the extent necessary to allow the Village Theatre a commercially reasonable <br /> opportunity to sublease the consession area. <br /> RECOMMENDATION (Exact action requested of Council): Authorize the Mayor to Execute Amendment <br /> No. 1 to the Former Key Bank Building Lease with Village Theatre in the form substantially as provided. <br /> 8 } <br />