Department
Real Estate and Asset Management
Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
For spreading on meeting minutes. Notice of Lease Non-Renewal/Termination, executed by the County Manager pursuant to the Resolution approved under Agenda Item #21-0052, adopted on January 20, 2021, of that certain Sixth Amendment to Lease Agreement between Fulton County, a political subdivision of the State of Georgia, as Lessee, and Cobalt Industrial REIT, a Texas real estate investment trust, as Lessor, for property located at 3025 Commerce Way, Atlanta, Georgia. Effective December 31, 2023. A payment of $4,193.33 for unamortized buildout expenses was required to be paid with this non-renewal/termination. (APPROVED UPON ADOPTION OF THE CONSENT AGENDA)
body
Requirement for Board Action (Cite specific Board policy, statute or code requirement)
Fulton County Resolution #21-0052 authorizes the County Manager to terminate or suspend lease agreements when it is in the County’s best interests to do so. That resolution requires the County Manager to spread the effective termination of lease agreements on the meeting minutes of the next available Board of Commissioners’ meeting and identify and include all financial outlays or payments required by Fulton County stemming from the termination.
Strategic Priority Area related to this item (If yes, note strategic priority area below)
Open and Responsible Government
Commission Districts Affected
All Districts ☒
District 1 ☐
District 2 ☐
District 3 ☐
District 4 ☐
District 5 ☐
District 6 ☐
Is this a purchasing item?
No
Summary & Background (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Scope of Work: Completion of onsite construction for the consolidate warehouse initiative requires the termination of the current lease agreement at 3025 Commerce Way, Atlanta, Georgia. The warehouse space leased at this location is presently used for storage by multiple Departments within Fulton County to include Information Technology, Superior Court Services and DREAM.
Community Impact: Terminating this lease agreement confirms Fulton County’s commitments to being financially responsible and maintaining optimum efficiency when providing government services to its residents and visitors to Fulton County.
Department Recommendation: The Department of Real Estate and Asset Management and the Office of County Manager terminated the lease at 3025 Commerce Way, Atlanta, Georgia due to the consolidation and relocation of government services provided by Superior Court Services, the Department of Information Technology and DREAM into a single centralized and modernized location.
Project Implications: Terminating the lease agreement in compliance with the lease terms was necessary to avoid financially liability which would require Fulton County to make payments of monthly rent beyond physical occupancy of the leased space.
Community Issues/Concerns: None.
Department Issues/Concerns: None.
History of BOC Agenda Item: The initial Lease Agreement was approved as Agenda Item #90RCM555 at the Board of Commissioners’ Meeting held July 18,1990 and most recently the Sixth Amendment to Lease was approved June 18, 2014, as Agenda Item #14-0425 by the Board of Commissioners.
Fiscal Impact / Funding Source
Funding Line 1:
n/a