11-10-2015 CC RPT 24 - Laserfiche WebLink

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City °JArts &Innovation City Council Memorandum IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII TO: HONORABLE MAYOR AND CITY COUNCIL DATE: NOVEMBER 10, 2015 FROM: COMMUNITY & ECONOMIC DEVELOPMENT WARDS: ALL DEPARTMENT SUBJECT: SUBLEASE AGREEMENT WITH GRESHAM SAVAGE FOR THE 2ND FLOOR OFFICE SPACE LOCATED AT 3750 UNIVERSITY AVENUE — SUPPLEMENTAL APPROPRIATION OF $281,000 ISSUE: The issue for City Council consideration is the approval of a Sublease Agreement between the City of Riverside and Gresham Savage for the sublease of approximately 20,298 square feet of office space in the Mission Square Building located at 3750 University Avenue and the approval of a supplemental appropriation in the amount of $281,000. RECOMMENDATION: That the City Council: 1. Approve the Sublease Agreement with Gresham Savage for approximately 20,298 square feet of office space in the Mission Square Building located at 3750 University Avenue; 2. Authorize a supplemental appropriation in the amount of $156,000 for the increase in rental expense to an account to be established by the Finance Department; 3. Authorize a supplemental appropriation in the amount of $125,000 for moving costs, furniture, fixtures, and equipment associated with the relocation of the City Attorney's office from the 5t" floor of City Hall to the 2nd Floor of the Mission Square Building to an account to be established by the Finance Department; and 4. Authorize the City Manager, or his designee, to execute the Sublease Agreement, including making minor, non - substantive changes, and to sign all documents and instruments necessary to complete the transaction. BACKGROUND: The Mission Square building consists of approximately 127,533 square feet of rentable office space in a six -story building plus a basement level and a 489 parking stall garage situated on approximately 2.5 acres of land (Property). The Property was originally constructed in 1984. On June 23, 2015, City Council approved the purchase of the Property from NNN Mission Square, LLC and the City of Riverside (City) acquired the Property on October 13, 2015.