Report Prepared by: Maria Mendoza, Economic Development Associate, Office of Economic Development
Title
SUBJECT: Approval of Lease Agreement Between the City of Merced and Westamerica Bank for 6,100 Square-Feet Located at 1801 M Street Starting at $1.25 Per Square Foot for Three (3) Years and an Option for a Three (3) Year Extension
REPORT IN BRIEF
Considers a lease agreement between the City of Merced and Westamerica Bank, located at the Merced Center Parking Garage (1801 M Street) for three (3)years and one (1) option for a three (3)year extension.
RECOMMENDATION
City Council - Adopt a motion approving the lease agreement between the City of Merced and Westamerica Bank and authorizing the City Manager or the Assistant City Manager to execute the necessary documents.
Body
ALTERNATIVES
1. Approve as recommended by staff; or,
2. Approve, subject to modifications as conditioned by Council; or,
3. Deny the request completely; or,
4. Refer back to staff for reconsideration of specific items as requested by Council; or,
5. Continue item to a future Council meeting (date to be specified in City Council motion).
AUTHORITY
Section 200 of the City of Merced Charter.
CITY COUNCIL PRIORITIES
As provided for in the 2019-20 Adopted Budget
DISCUSSION
Westamerica Bank has leased 6,100 square-feet in the Merced Center Garage since 2009. The lease with Westamerica Bank has expired, and the company desires to enter into a new lease with the City. A new lease was drafted, and Westamerica Bank agrees to the terms (Attachment 1.)
Proposed Lease
The City of Merced and Westamerica Bank negotiated a lease subject to the following key terms (Attachment 1):
Location: Merced Center Parking Garage, 1801 M Street, Merced CA
Leased Area: 6,100 square feet of ground floor retail/office space
Term: Three (3) years and one (1) three (3) year option to extend
Common Area: Interior hallway
Rent: June 1, 2019 - May 31, 2020 $1.25 per square foot
June 1, 2020...
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