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Meeting Date:
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12/21/2022 - 5:30 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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17.10 Authorization to Enter into a General Fund Lease Agreement with I.PARK RIVERDALE LLC for the Biondi Education Center School with Amended Terms.
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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 17.6 dated August 17, 2022 the Board of Trustees authorized the Superintendent of Schools to enter into a lease agreement with I.PARK RIVERDALE LLC, as landlord for the Ames and Biondi buildings that comprise the Biondi Education Center School on the campus of 401 Hawthorne Avenue at $200,000.00 per month, $2,4000,000.00 per annum, and increase at a rate of 2.5% per year.
This is to amend the agreement due to changed national economic conditions to increase the monthly rent to $250,000.00, $3,000,000.00 annually, increasing at a rate of 2.5% annually. This lease will be eligible for State Education building aid. Occupancy and rent commencement are targeted for the fall of 2024.
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Funding:
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450.5150.100000.1620.B2300
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Resolution:
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Ladies and Gentlemen:
WHEREAS: By Resolution 17.6 dated August 17, 2022 the Board of Trustees authorized the Superintendent of Schools to enter into a lease agreement with I.PARK RIVERDALE LLC, as landlord for the Ames and Biondi buildings that comprise the Biondi Education Center School on the campus of 401 Hawthorne Avenue for 20 years at $200,000 per month, $2,4000,000 per annum, and increase at a rate of 2.5% per year, and
WHEREAS: Due to changed national economic conditions I.PARK RIVERDALE LLC has proposed to increase the rent of $250,000.00 monthly, $3,000,000.00 annually and an increase at a rate of 2.5% per year.
NOW THEREFORE BE IT RESOLVED: That the Superintendent of Schools is hereby authorized to enter into a lease agreement with I.PARK RIVERDALE LLC, as landlord for the Ames and Biondi buildings that comprise the Biondi Education Center School on the campus of 401 Hawthorne Avenue, Yonkers NY with the initial term of 20 years plus two 15 year renewals at a cost of $250,000.00 per month, $3,000,000.00 per annum, and to increase at a rate of 2.5% per year.
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Approvals:
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Recommended By:
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Signed By:
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John Carr - Executive Director
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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 Amjed Kuri seconded to approve the Original motion 'Ladies and Gentlemen:
WHEREAS: By Resolution 17.6 dated August 17, 2022 the Board of Trustees authorized the Superintendent of Schools to enter into a lease agreement with I.PARK RIVERDALE LLC, as landlord for the Ames and Biondi buildings that comprise the Biondi Education Center School on the campus of 401 Hawthorne Avenue for 20 years at $200,000 per month, $2,4000,000 per annum, and increase at a rate of 2.5% per year, and
WHEREAS: Due to changed national economic conditions I.PARK RIVERDALE LLC has proposed to increase the rent of $250,000.00 monthly, $3,000,000.00 annually and an increase at a rate of 2.5% per year.
NOW THEREFORE BE IT RESOLVED: That the Superintendent of Schools is hereby authorized to enter into a lease agreement with I.PARK RIVERDALE LLC, as landlord for the Ames and Biondi buildings that comprise the Biondi Education Center School on the campus of 401 Hawthorne Avenue, Yonkers NY with the initial term of 20 years plus two 15 year renewals at a cost of $250,000.00 per month, $3,000,000.00 per annum, and to increase at a rate of 2.5% per year.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 9 Nay: 0. | | The motion Carried 9 - 0 | | | | | Lawrence Sykes | Yes | | Amjed Kuri | Yes | | Rosemarie Linton | Yes | | Gail Burns | Yes | | Sheila Greenwald | Yes | | Dr. Rosalba Corrado Del Vecchio | Yes | | Dr. John Castanaro | Yes | | Rev. Steve Lopez | Yes | | Kevin Cacace | Yes | |
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