Review Agenda Item
Meeting Date: 2/26/2025 - 5:30 PM
Category: OFFICE OF MANAGEMENT, ADMINISTRATION, PLANNING AND OPERATIONS
Type: Action
Subject: 12.10 Ratifying and approving an amendment to a lease agreement with I. Park Riverdale LLC.
District Goals:
Enclosure
File Attachment:
Exhibit A - Lease.pdf
Exhibit B - Lease Amendment.pdf
BOCS.pdf
Res 17.6 Award 8-17-22.pdf
Res 17.10 Amend Lease 12-21-2022.pdf
Rationale: I. Park Riverdale LLC.
Term: 20 years (Remains the same)
Amount: $300,000.00 (To be reduced from the contract amount of $3,000,000.00)

Scope: The $300,000.00 deduction per annum is until the Ames Building is made available for District use.

The Lease Amendment, inter alia, provided for a staggered delivery of portions of the leased premises with part of the leased premises deliverable earlier than the remaining part of the leased premises and with the full monthly rental amount set forth in the Lease not payable until the entire leased premises is delivered.

Ratifying and approving an amendment to a lease agreement entered into between I. Park Riverdale LLC, as Landlord, and Yonkers Board of Education, as Tenant.
Funding: 450.5304.100000.9750.B2600 - Debt Service – Principal
450.5304.100000.9750.B2700 - Debt Service – Interest
Resolution: WHEREAS, the YONKERS BOARD OF EDUCATION entered into a Lease Agreement, a copy of which is attached hereto as Exhibit A, between I. PARK RIVERDALE LLC, as Landlord, and YONKERS BOARD OF EDUCATION, as Tenant (hereinafter referred to as the “Lease”).

WHEREAS, the Lease was approved by the Trustees of the YONKERS BOARD OF EDUCATION by a resolution passed on December 21, 2022 which authorized, inter alia, a monthly rental amount of $250,000.00 with annual increases of 2.5% per year.

WHEREAS, a First Amendment to Lease Agreement (hereinafter referred to as the “First Lease Amendment”), a copy of which is attached hereto as Exhibit B, was executed by the landlord and the Superintendent, on behalf of the YONKERS BOARD OF EDUCATION.

WHEREAS, the First Lease Amendment, inter alia, provided for a staggered delivery of portions of the leased premises with part of the leased premises deliverable earlier than the remaining part of the leased premises and with the full monthly rental amount set forth in the Lease not payable until the entire leased premises is delivered.
WHEREAS, the purpose of this Resolution is to ratify and approve the First Lease Amendment.

NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:

1. The Trustees of the YONKERS BOARD OF EDUCATION do hereby ratify and approve the First Lease Amendment.

2. The officers, employees, attorneys, and agents of the YONKERS BOARD OF EDUCATION are hereby authorized and empowered to execute all instruments and to take all action necessary and appropriate to effectuate the purpose of this Resolution.

3. This Resolution shall take effect immediately.
Approvals:
Recommended By:
Signed By:
Michael Pelliccio - Director of Facilities III
Signed By:
Dr. Frank Hernandez - Associate Superintendent
Signed By:
Victor Martinez - Director of Purchasing
Signed By:
Finance Department - Finance Reviewer
Signed By:
Elizabeth Janocha - Deputy Commissioner
Signed By:
John Liszewski - Commissioner
Signed By:
Matthew Gallagher - Corporation Counsel
Signed By:
Anibal Soler, Jr. - Superintendent of Schools
Vote Results:

Original Motion
Member Gail Burns Moved, Member Amjed Kuri seconded to approve the Original motion 'WHEREAS, the YONKERS BOARD OF EDUCATION entered into a Lease Agreement, a copy of which is attached hereto as Exhibit A, between I. PARK RIVERDALE LLC, as Landlord, and YONKERS BOARD OF EDUCATION, as Tenant (hereinafter referred to as the “Lease”).

WHEREAS, the Lease was approved by the Trustees of the YONKERS BOARD OF EDUCATION by a resolution passed on December 21, 2022 which authorized, inter alia, a monthly rental amount of $250,000.00 with annual increases of 2.5% per year.

WHEREAS, a First Amendment to Lease Agreement (hereinafter referred to as the “First Lease Amendment”), a copy of which is attached hereto as Exhibit B, was executed by the landlord and the Superintendent, on behalf of the YONKERS BOARD OF EDUCATION.

WHEREAS, the First Lease Amendment, inter alia, provided for a staggered delivery of portions of the leased premises with part of the leased premises deliverable earlier than the remaining part of the leased premises and with the full monthly rental amount set forth in the Lease not payable until the entire leased premises is delivered.
WHEREAS, the purpose of this Resolution is to ratify and approve the First Lease Amendment.

NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:

1. The Trustees of the YONKERS BOARD OF EDUCATION do hereby ratify and approve the First Lease Amendment.

2. The officers, employees, attorneys, and agents of the YONKERS BOARD OF EDUCATION are hereby authorized and empowered to execute all instruments and to take all action necessary and appropriate to effectuate the purpose of this Resolution.

3. This Resolution shall take effect immediately.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0.
The motion Carried 7 - 0
   
Kevin Cacace     Yes
Dr. Rosalba Corrado Del Vecchio     Yes
Gail Burns     Yes
Sheila Greenwald     Yes
Amjed Kuri     Yes
Rosemarie Linton     Yes
Lawrence Sykes     Yes