TITLE
Title
MWBE DEPARTMENT OCCUPANCY AGREEMENT AT THE NUSSBAUM CENTER FOR ENTREPRENEURSHIP
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SPONSOR
Sponsor
Shaunne Thomas
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BACKGROUND
Background
The MWBE Department has been located at The Nussbaum Center since June, 2022.
The benefits of this occupancy agreement would be:
1. The MWBE Department is currently located in the heart of the community.
2. Allows space for growth of the MWBE team without any additional cost to upfit space.
3. Vacates space in 201 S Greene Street with associated parking spaces.
4. One stop shop of resources for the vendor community the MWBE Department serves.
5. More than 70% of the tenants are MWBEs.
6. Provides adequate access to parking that is free of charge.
7. Provides a space to host and co-host meetings and trainings free of charge.
8. Occupancy agreement rate is locked in for three (3) years with no escalation.
9. Three (3) year rental rate is the same as the present rate
The monthly rent is a fixed amount of $3,939 with a maximum exposure over three (3) years of $141,804. The total lease space is 3,201 square feet and the price per square foot is $14.77. Rent includes utilities and routine maintenance. The occupancy agreement is effective June 1, 2024 through May 31, 2027.
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BUDGET IMPACT
Budget Impact
NO ADDITIONAL COUNTY FUNDS REQUIRED
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REQUESTED ACTION
Requested Action
Approve, in substantial form, the attached occupancy agreement with The Nussbaum Center for Entrepreneurship located at 1451 South Elm-Eugene Street in the amount of $141,804 for a three (3) year term effective June 1, 2024.
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