01-22-2016 BPU RPT 12 - Laserfiche WebLink

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Wni =R tvtRUv ii -- RIVERSIDE PUBLIC UTILITIES WON Board Memorandum PUBLIC UTILITIES BOARD OF PUBLIC UTILITIES DATE: JANUARY 22, 2016 ITEM NO: 12 File ID — 16 -0199 — C SUBJECT: APPROVAL OF THIRD AMENDMENT TO THE TEMPORARY REVOCABLE LICENSE AGREEMENT BETWEEN BEST BEST & KRIEGER, LLP AND THE CITY OF RIVERSIDE — MISSION SQUARE OFFICE COMPLEX, SUITE 110 FOR $31,200 IN REVENUE FOR TWELVE MONTH PERIOD ISSUE: The issue for Board of Public Utilities consideration is approval of the Third Amendment to the Temporary Revocable License Agreement between Best Best & Krieger, LLC (BB &K) and the City of Riverside for 1,185 square feet of rentable space in the Mission Square Building located at 3750 University Avenue, Suite 110. RECOMMENDATIONS: That the Board of Public Utilities recommend that the City Council: Approve the Third Amendment to the Temporary Revocable License Agreement with Best Best & Krieger, LLC (Attachment 1); and 2. Authorize the City Manager, or his designee, to execute the Lease, 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). On June 23, 2015, City Council approved the purchase of the Property from NNN Mission Square, LLC and the City of Riverside funded by Riverside Public Utilities (RPU) acquired the Property on October 13, 2015. In September 2014, the previous owner of the building approved the Temporary Revocable License Agreement (Attachment 2), and the subsequent Amendment (Attachment 3) extending the term through March 22, 2016 for the use of approximately 1,185 square feet of space designated as Suite 110, located on the Property. BB &K has requested an additional twelve month extension of the license agreement through March 22, 2017. Staff has reviewed the Third Amendment and is in agreement with the terms that are summarized below: • Term: March 22, 2016 — March 22, 2017 • Premises: Approximately 1,185 rentable square feet of space located at 3750 University Avenue, Suite 110.