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:J W& RIVERSIDE PUBLIC UTILITIES <br /> Board Memorandum <br /> PUBLIC UTILITIES <br /> BOARD OF PUBLIC UTILITIES DATE: November 1, 2013 <br /> ITEM NO: 8 <br /> SUBJECT: SUBLEASE AGREEMENT WITH GREENBERG & GREENBERG, A <br /> PROFESSIONAL LAW CORPORATION — MISSION SQUARE 3750 <br /> UNIVERSITY AVENUE, SUITE 550, RIVERSIDE, CALIFORNIA <br /> ISSUE: <br /> The item for Board of Public Utilities consideration is approval of a Sublease Agreement ("Sublease") <br /> with Greenberg and Greenberg, a Professional Law Corporation ("Sublessee") for sublease of Suite <br /> 550, under the lease between NNN Mission Square, etal ("Landlord") and the City of Riverside dated <br /> December 12, 2012, for the lease of 3750 University Avenue, Floors 3, 4 and 5 ("Mission Square"). <br /> RECOMMENDATIONS: <br /> That the Board of Public Utilities recommend that the City Council: <br /> 1. Approve the subject Sublease Agreement with Greenberg and Greenberg; and <br /> 2. Authorize the City Manager, or his designee, to execute the Sublease Agreement <br /> with Greenberg and Greenberg. <br /> BACKGROUND: <br /> On July 26, 2011, the City Council approved the assignment and assumption of the Lease Agreement <br /> for Mission Square to Riverside Public Utilities ("RPU"). The office space consists of 70,281 square <br /> feet, of which 16,497 square feet is subleased to various tenants. Of the 16,497 square feet, 2,280 <br /> square feet (Suite 550) is subleased to Sublessee. Sublease is set to expire on December 31, 2013 <br /> and Sublessee and RPU wish to extend Sublease for an additional five-year term, with 2% annual <br /> increases and 3.24% of common area expenses through December 31, 2018, <br /> FISCAL IMPACT: <br /> The annual rental revenue is $71,277, with 2% annual increases to $80,730 through year 5 of <br /> extended Sublease. <br /> Prepared by: Kevin S. Milligan, Interim Public Utilities Deputy General Manager/Energy Delivery <br /> Approved by: Stephen H. Badgett, Interim, Public Utilities General Manager <br /> Approved by: Belinda J. Graham, Assistant City Manager Approved <br /> as to form: Gregory P. Priamos, City Attorney <br /> Exhibit: <br /> A. Sublease—Greenberg and Greenberg, a Professional Law Corporation <br />