HomeMy WebLinkAbout0011_1_Cultural Center Basement Lease Extension - SRPage 1 of 1
REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Grant Yates, City Manager
Prepared by: Audrey Young, Management Analyst
Date:October 25, 2016
Subject:Cultural Center Basement Lease Extension
Recommendation
It is recommended that the City Council approve the Cultural Center Basement Lease Extension
with the Lake Elsinore Historical Society as approved by the City Attorney.
Background
The Historical Society is an asset to our community as it “was founded to collect, protect,
preserve, display, and further the preservation of items and documents of historical value and
significance from the Lake Elsinore Valley.”
In January of 2002, the City of Lake Elsinore entered into a five-year term Lease Agreement for
the basement of the Cultural Center with the Lake Elsinore Historical Society, a nonprofit
organization. Section 1.02 of the Initial Lease Agreement states, “the Society shall have the
right to extend the term of the Lease Agreement for ten year terms. Lease Agreement Extension
No. 1 specifies the first 10-year “Extension Term” shall expire December 2016.
Discussion
As we are approaching December 2016, City staff has prepared the attached Extension No. 2 to
Lease Agreement for the Lake Elsinore Historical Society’s use of the Cultural Center
Basement. In accordance with the Initial Lease Agreement, this Extension shall last ten years,
resulting in an expiration date of December 31, 2026.
Fiscal Impact
In accordance with the Initial Lease Agreement, the Lake Elsinore Historical Society agrees to
pay to the City an annual lease fee of $1.00 per year.
Exhibits
A – Extension No. 2 Lease Agreement
B – Initial Lease Agreement
C – Extension No. 1 Lease Agreement