Title
Approval of a Resolution Authorizing the Renewal and Extension of a Lease of City-Owned Property Located at 116 4th Avenue W to the Great India Cuisine, Inc.
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the resolution authorizing the lease renewal and extension of the property located at 116 4th Avenue W to Great India Cuisine, Inc., and authorizing the City Manager to execute all documents necessary.
Report
Issue:
Whether to approve the lease renewal and extension of the property located at 116 4th Avenue W to Great India Cuisine, Inc.
Staff Contact:
Mike Reid, Economic Development Director, 360.753.8591
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
On September 25, 2018, the City of Olympia Council authorized the acquisition of real property located at 116 4th Ave W, (the Property) to be used to support mixed use development including commercial, residential, civic use, and structured parking. Recognizing that an extended period of time will be required to accomplish the necessary public process to determine the elements of the contemplated future development, staff proposed that the space at 116 4th Ave W be leased for a three-year term to the existing tenant, Great India Cuisine, Inc. This lease was approved by council and entered into on April 17, 2019. Staff is proposing to renew and extend this lease to January 30, 2024 and provide the authority to extend the Lease in writing for four (4) additional terms of six-months each to the Olympia City Manager for and on behalf of the Olympia City Council.
The lease to Great India Cuisine, Inc., will support the economy of downtown by allowing an existing restaurant to remain in its current location with possible extensions to the agreement with agreement of both parties, until such time as the City decides to redevelop the property. The full terms of the initial agreement stay in effect as this renewa...
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