Department
Real Estate and Asset Management
Requested Action
title
Request approval of a Resolution approving a Lease Agreement between Fulton County, Georgia (Tenant) and Goode Van Slyke Properties, LLC, (Landlord) to continue providing library services at 409 John Wesley Dobbs Avenue, Atlanta, Georgia (Martin Luther King Jr. Branch Library); to authorize the Chairman to approve the Lease Agreement and related documents; to authorize the County Attorney to approve the Lease Agreement and related documents as to form and to make any modifications thereto to execution. Effective upon approval for a term of January 1, 2024 through December 31, 2004, with nine (9) renewal options. The monthly rental payment will be $12,040.00 per month, thorough 2028, if renewed and effective January 1st, 2029, the monthly rental payment shall increase to $12,728.00 for the five (5) available renewal periods ending December 2033, if renewed. (APPROVED UPON ADOPTION OF THE CONSENT AGENDA)
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Requirement for Board Action
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.
Strategic Priority Area related to this item
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
Approval of the Fulton County Board of Commissioners is being requested to execute a lease agreement with Goode Van Slyke Properties, LLC, for a period of (10) ten years inclusive of renewal periods for 4,128 rentable square feet of office space for the purpose of providing library services at 409 John Wesley Dobbs Avenue, Atlanta, Georgia 30312. The Martin Luther King Branch Library is housed at this location.
The Fulton County Department of Real Estate and Assets Management, DREAM and Goode Van Slyke Properties, LLC have negotiated mutually acceptable lease terms that will allow the County to continue occupancy for the purpose of providing library services. Fulton County has been a hold over tenant pending landlord’s and tenant’s approvals of proposed construction.
During the initial lease extension term, effective January 1, 2024 to December 31, 2024, and the first four (4) renewal terms of this Lease the monthly rental payment will be $12,040.00 per month Effective January 1st, 2029 the monthly rental payment shall increase to $12,728.00 for the five (5) available renewal periods ending December 2033. In no event shall this lease continue beyond December 31, 2033, unless extended by mutual written consent of Fulton County and Goode Van Slyke Properties, LLC.
Community Impact: Approval of the lease agreement will allow Library Services to remain within the Martin Luther King Jr. National Park Campus and provide library services from a completely renovated facility.
Department Recommendation: The Department of Real Estate and Asset Management recommends approval of the Lease Agreement for the purpose of extending occupancy and construction of planned improvements to improve operations.
Project Implications: Construction of planned improvements within the leased space will enhance the library experience for all visitors to this library facility.
Community Issues/Concerns: None
Department Issues/Concerns: None
Fiscal Impact / Funding Source
Funding Line 1:
The required monthly rental payments will be paid from funding line 100-650-6565-1121