File #: 23-0536    Version: 1 Name:
Type: Consent - Infrastructure and Economic Development Status: Passed
File created: 7/24/2023 In control: Board of Commissioners
On agenda: 8/16/2023 Final action: 8/16/2023
Title: Request approval of a Resolution for a First Amendment to Lease Agreement between Wilmington Trust, National Association as Trustee, for the Benefit of Holders of J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PTC, Commercial Mortgage Pass-Through Certificates, Series 2018-PTC and the Future Advance Lender ("Landlord"), and Fulton County, Georgia, ("Tenant") for the purpose of extending the lease term for office space for the operations of the Office of the Fulton County Tax Assessor at 235 Peachtree Street, Atlanta, Georgia; to authorize the Chairman to approve the First Amendment to Lease Agreement and related documents; to authorize the County Attorney to approve the First Amendment to Lease Agreement and related documents as to form and to make modifications thereto in order to protect the interests of Fulton County prior to execution; and for other purposes. (APPROVED)
Attachments: 1. 235 Peachtree Street Lease Renewal Amendment mp, 2. 235 Peachtree Street NE - Tax Assessor Lease Agreement (2), 3. Resolution First Amendment Lease Agreement Tax Assessor 235 Peachtree Street mg po, 4. 2023-0536

 

Department

Real Estate and Asset Management

 

Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)

title

 

Request approval of a Resolution for a First Amendment to Lease Agreement between Wilmington Trust, National Association as Trustee, for the Benefit of Holders of J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PTC, Commercial Mortgage Pass-Through Certificates, Series 2018-PTC and the Future Advance Lender ("Landlord"), and Fulton County, Georgia, ("Tenant") for the purpose of extending the lease term for office space for the operations of the Office of the Fulton County Tax Assessor at 235 Peachtree Street, Atlanta, Georgia; to authorize the Chairman to approve the First Amendment to Lease Agreement and related documents; to authorize the County Attorney to approve the First Amendment to Lease Agreement and related documents as to form and to make modifications thereto in order to protect the interests of Fulton County prior to execution; and for other purposes.  (APPROVED)

body


Requirement for Board Action
(Cite specific Board policy, statute or code requirement)

According to O.C.G.A. § 36-60-13, each county or municipality in this state shall be authorized to enter into multiyear lease, purchase, or lease purchase contracts of all kinds for the acquisition of goods materials, real and personal property, services and supplies and O.C.G.A. § 36-10-1 requires that all contracts entered into by a county governing authority be in writing and entered on its minutes.

 

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: The current lease agreement for 37,853 square feet of office space that is required for the operations of the Fulton County Tax Assessor at 235 Peachtree Street, Atlanta, Georgia was approved as Agenda Item #14-1123 at the Board of Commissioners’ Meeting held December 17, 2014. 

 

The approval of the Fulton County Board of Commissioners is being requested to extend the lease term for an additional five (5) years. If not extended, the lease will expire on December 31, 2023.  

 

Pursuant to the First Amendment to Lease Agreement, the "Initial Term" shall be from January 1, 2024, and end on December 31, 2024, with four (4) automatic 12-month renewal terms beginning on January 1, 2025 and ending on December 31, 2028, with each renewal periods being subject to appropriation of funding by the Board of Commissioners.

 

Community Impact: Approval of the First Amendment to Lease Agreement will have no impact on those citizens requiring services provided by the Office of the Tax Assessor and will allow continued occupancy from the current location within proximity to the Fulton County Administrative Building and the Fulton County Courts without an interruption in services.

 

Department Recommendation: The Department of Real Estate and Asset Management recommends approval of a First Amendment to Lease Agreement for the purpose of extending the lease term at 235 Peachtree Street for the operations of the Fulton County Tax Assessor.

 

Project Implications: Extension of the current lease agreement is necessary to formalize the terms of continued occupancy for the Tax Assessor’s staff and will provide additional time for the Department of Real Estate and Asset Management to complete and implement an internal space reorganization plan.

 

Community Issues/Concerns: None.

 

Department Issues/Concerns: None.

 

History of BOC Agenda Item:   Initial lease agreement for this location was approved as Agenda Item #14-1123 at the Board of Commissioners Meeting held December 17, 2014

 

Fiscal Impact / Funding Source

 Funding Line # 100 240 2401 1121 will be used to pay the rental payments reference below:

 

 

Term                     Leased Area                     Rent SQ/FT              Monthly Rent               Annual Payment

 

1/01/24-12/31/24                     37,853                      $22.00                               $69,397.17                                           $832,766.04

 

1/01/25-12/31/25                     37,853                      $22.00                                $69,397.17                                           $832,766.04

 

1/01/26-12/31/26                     37,853                      $22.00                                $69,397.17                                           $832,766.04

 

1/01/27-12/31/27                     37,853                      $22.00                                $69,397.17                                           $832,766.04

 

1/01/28-12/31/28                     37,853                      $22.00                                $69,397.17                                           $832,766.04                     

 

Funding Line 1:

100 240 2401 1121