DEPARTMENT
Real Estate and Asset Management
REQUESTED ACTION
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Request approval of a Resolution authorizing a Master Lease Agreement between Fulton County, Georgia (Lessor) and MicroLife Institute, Inc. (Lessee) for County-owned real estate located at 4807 Cochran Road, Union City, Georgia, for the development of a community of cottage homes thereon; authorizing the Chairman to execute the Master Lease Agreement and related documents; authorizing the County Attorney to approve the Master Lease Agreement and related documents as to form and to make modifications thereto prior to execution. Effective upon BOC approval.
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REQUIREMENT FOR BOARD ACTION
Pursuant to Fulton County Code ? 1-117, the Board of Commissioners has exclusive jurisdiction and control over directing and controlling all the property of the county, as they may deem expedient, according to law.
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 Fulton County previously entered into an Amended and Restated Contract Agreement with MicroLife Institute, Inc. ("MicroLife") for the development of a community of cottage homes in order to increase the supply of affordable housing within Fulton County. The Amended and Restated Contract Agreement requires the parties to execute a Master Lease Agreement pursuant to which Fulton County will lease 2.16+/- acres of County-owned real property located at 4807 Cochran Road, Union City, Georgia to MicroLife, and upon which MicroLife will develop the cottage home community.
Fulton County and MicroLife have negotiated mutually acceptable terms for the Master Lease Agreement, with an initial term of three years and additional renewal options available upon request.
MicroLife, the Fulton County Department of Real Estate and Asset Management ("DREAM"),...
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