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Meeting Date:
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7/19/2023 - 6:00 PM
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Category:
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SCHOOL FACILITIES MANAGEMENT
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Type:
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Action
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Subject:
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16.5 Authorization for Funding of Property Taxes for the Lease Agreement with Hampshire Management Company, LLC for roughly $412,000.00 over ten years
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District Goals:
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Enclosure
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File Attachment:
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Rationale:
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By Resolution 17.5 dated August 17, 2022, the Board of Education authorized the Superintendent of Schools to enter into a Lease Agreement with Hampshire Management Company, LLC as landlord for 22,638 square feet of warehouse space at 60 Fullerton Avenue, Yonkers NY. That resolution inadvertently omitted the estimated cost of the property taxes.
This resolution is to present the estimated cost of Article 32 “TAXES” of the signed lease. This is for the proportional share of the City of Yonkers taxes to be paid by the District.
This resolution is to authorize the payment of Yonkers property taxes which are estimated be an average of roughly $41,200.00 per year, $412,000.00 over ten years.
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Funding:
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450.5150.100000.1620.B2300.001 Contractual $41,200.00
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Resolution:
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Ladies and Gentlemen:
WHEREAS: By Resolution 17.5 dated August 17, 2022, the Board of Education authorized the Superintendent of Schools to enter into a Lease Agreement with Hampshire Management Company, LLC as landlord for 22,638 square feet of warehouse space at 60 Fullerton Avenue, Yonkers NY, and
WHEREAS: Article 32 “TAXES” of the agreement require the District to pay a proportionate share of the City of Yonkers property taxes, and
WHEREAS: The cost of these taxes is currently estimated to be roughly $41,200.00 per year, $412,000.00 over ten years, and
WHEREAS: This will increase the initial annual expense for 2023-24 by $37,562.07, from $299,927.88 to $337,489.95.
NOW THEREFORE BE IT RESOLVED: That the Superintendent of Schools is hereby authorized to provide funds estimated to be at $41,200.00 per year, $412,000.00 over a ten-year period for the payment of the proportional share of the City of Yonkers property taxes per Article 32 “TAXES” of the agreement.
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Approvals:
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Recommended By:
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Signed By:
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Michael Pelliccio - Director of Facilities III
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Signed By:
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Tom Collich - Purchasing Director
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Signed By:
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Finance Department - Finance Reviewer
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Signed By:
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Elizabeth Janocha - Deputy Commissioner
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Signed By:
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John Liszewski - Commissioner
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Signed By:
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Matthew Gallagher - Corporation Counsel
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Signed By:
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Dr. Edwin M. Quezada - Superintendent of Schools
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Vote Results:
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| Original Motion | Member Kevin Cacace Moved, Member Dr. John Castanaro seconded to approve the Original motion 'Ladies and Gentlemen:
WHEREAS: By Resolution 17.5 dated August 17, 2022, the Board of Education authorized the Superintendent of Schools to enter into a Lease Agreement with Hampshire Management Company, LLC as landlord for 22,638 square feet of warehouse space at 60 Fullerton Avenue, Yonkers NY, and
WHEREAS: Article 32 “TAXES” of the agreement require the District to pay a proportionate share of the City of Yonkers property taxes, and
WHEREAS: The cost of these taxes is currently estimated to be roughly $41,200.00 per year, $412,000.00 over ten years, and
WHEREAS: This will increase the initial annual expense for 2023-24 by $37,562.07, from $299,927.88 to $337,489.95.
NOW THEREFORE BE IT RESOLVED: That the Superintendent of Schools is hereby authorized to provide funds estimated to be at $41,200.00 per year, $412,000.00 over a ten-year period for the payment of the proportional share of the City of Yonkers property taxes per Article 32 “TAXES” of the agreement.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 6 Nay: 0 Abstain: 1. | | The motion Carried 6 - 0 | | | | | Rev. Steve Lopez | Yes | | Kevin Cacace | Yes | | Gail Burns | Abstain | | Dr. John Castanaro | Yes | | Sheila Greenwald | Yes | | Lawrence Sykes | Yes | | Rosemarie Linton | Yes | |
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