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Meeting Date:
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8/17/2022 - 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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17.6 Authorization to Award a General Fund Lease Agreement with I.PARK RIVERDALE LLC for Biondi & Ames Education Facilities
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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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This is to authorize 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, Yonkers NY. This was the site of the Leake and Watts Services and Rising Ground.
The Ames Building is a 10,000 square foot single story, 6 classroom facility and the Biondi Building is a roughly 90,000 square foot special education high school. The Biondi building has a full size gymnasium and a pool. Both are roughly 30 years old. These buildings will require roughly $20 million in capital improvements to create a media focused 6 through 12 grade school housing in excess of 720 students.
The initial contract term will be 20 years plus two 15 year renewals. Rent will start at $200,000 per month, $2,400,000 per annum, and increase at a rate of 2.5% per year.
Execution of this lease is subject to prior approval of the Commissioner of Education. One of the caveats for gaining State approval is documentation that the Board of Education approves the lease. This lease is eligible for State Education building aid.
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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: The Yonkers Board of Education is in need of additional instructional space to alleviate documented overcrowding, and
WHEREAS: The Board has identified suitable facilities owned by I.Park Riverdale LLC as landlord for the Ames and Biondi school buildings that comprise the Biondi Education Center School on the campus of 401 Hawthorne Avenue, Yonkers NY, and
WHEREAS: Acceptable lease terms have been negotiated with I.Park Riverdale LLC, and
WHEREAS: These terms are as shown and detailed on the “Key Lease Provisions” term sheet, attached
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 $200,000 per month, $2,400,000 per annum, and 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 Rosemarie Linton seconded to approve the Original motion 'Ladies and Gentlemen:
WHEREAS: The Yonkers Board of Education is in need of additional instructional space to alleviate documented overcrowding, and
WHEREAS: The Board has identified suitable facilities owned by I.Park Riverdale LLC as landlord for the Ames and Biondi school buildings that comprise the Biondi Education Center School on the campus of 401 Hawthorne Avenue, Yonkers NY, and
WHEREAS: Acceptable lease terms have been negotiated with I.Park Riverdale LLC, and
WHEREAS: These terms are as shown and detailed on the “Key Lease Provisions” term sheet, attached
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 $200,000 per month, $2,400,000 per annum, and increase at a rate of 2.5% per year.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 8 Nay: 0. | | The motion Carried 8 - 0 | | | | | Amjed Kuri | Yes | | Sheila Greenwald | Yes | | Rosemarie Linton | Yes | | Gail Burns | Yes | | Dr. John Castanaro | Yes | | Rev. Steve Lopez | Yes | | Dr. Rosalba Corrado Del Vecchio | Yes | | Kevin Cacace | Yes | |
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