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Meeting Date:
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9/22/2020 - 5:30 PM
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Category:
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ITEMS OF BUSINESS
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Type:
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Action
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Subject:
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9. Action on a Request to Approve a Revised Third Amendment to the Lease Agreement with Greater Holy Temple Christian Learning Center, Corp., at the 76th Street School Property Located at 5575 North 76th Street
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Strategic Plan Compatibility Statement:
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Goal 3 Effective and Efficient Operations
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Attachments
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1. Proposed Revised Third Amendment to the Lease Agreement – Greater Holy Temple
2. Original Third Amendment to the Lease Agreement – Greater Holy Temple
3. Second Amendment to the Lease Agreement – Greater Holy Temple
4. First Amendment to the Lease Agreement – Greater Holy Temple
5. Original Lease Agreement – Greater Holy Temple
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File Attachment:
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Background:
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In May 2008, the Board entered into a lease agreement with Greater Holy Temple Christian Learning Center, Corp., for the facility located at 5575 North 76th Street. In March 2015, the Board authorized a lease amendment that extended the lease term through June 30, 2017. The Board approved a second amendment to the lease agreement in May 2017 to extend the term through June 2020. The Board approved a third amendment to the lease agreement in June 2020 to extend the lease term from July 1, 2020, through June 30, 2023. In August 2020, Greater Holy Temple Christian Learning Center, Corp., requested a revision to the third amendment which modifies the term from a three-year term commitment to a one-year term commitment with two consecutive options to extend the term of the lease for a period of one year each.
The Administration is requesting approval of the proposed revised third amendment to the lease agreement with Greater Holy Temple Christian Learning Center, Corp., that will extend the lease term from July 1, 2020, through June 30, 2021, with two consecutive options to extend the term of the lease for a period of one year each.
The lease rent revenue shall be as follows:
July 1, 2020-June 30, 2021 = $592,479.00
July 1, 2021-June 30, 2022 = $604,329.00
July 1, 2022-June 30, 2023 = $616,415.00
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Fiscal Impact Statement:
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There are no expenditures associated with this item. Total lease revenue for a period of three years is $1,813,223.00.
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Implementation and Assessment Plan
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Upon Board approval, the attached Revised Third Amendment to the Lease Agreement between Milwaukee Public Schools and Greater Holy Temple Christian Learning Center, Corp., shall be executed.
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Recommendation:
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The Administration recommends that the Board approve the attached Third Amendment to the Lease Agreement with Greater Holy Temple Christian Learning Center, Corp.
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Approvals:
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Recommended By:
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Signed By:
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Tracey Parrish - Administrative Assistant III
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Signed By:
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Travis Luzney - Director
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Signed By:
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Ruzica Drca - Financial Planning & Budget Coordinator III
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Signed By:
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Katrice Cotton, Ed.D. - Chief School Administration Officer
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Signed By:
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Calvin Fermin - Deputy Superintendent
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Signed By:
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Keith Posley, Ed.D. - Superintendent
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