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Meeting Date:
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6/25/2020 - 6:30 PM
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Category:
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Report of the Committee on Accountability, Finance, and Personnel
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Type:
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Action
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Subject:
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6. Action on a Request to Approve the Third Amendment to the Lease Agreement with Greater Holy Temple Christian Learning Center, Corp., at the 76th Street School Property Located at 5575 North 76th Street
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Strategic Plan Compatibility Statement:
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Goal 3 Effective and Efficient Operations
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Attachments
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1. Proposed Third Amendment to the Lease Agreement – Greater Holy Temple
2. Second Amendment to the Lease Agreement – Greater Holy Temple
3. First Amendment to the Lease Agreement – Greater Holy Temple
4. Original Lease Agreement – Greater Holy Temple
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File Attachment:
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Background:
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In May 2008, the Board entered into a lease agreement with Greater Holy Temple Christian Learning Center, Corp., for the facility located at 5575 North 76th Street. In March 2015, the Board authorized a lease amendment that extended the lease term through June 30, 2017. The Board approved a second amendment to the lease agreement in May 2017 to extend the term through June 2020. The Administration is requesting approval of the proposed third amendment to the lease agreement with Greater Holy Temple Christian Learning Center, Corp., that will extend the lease term from July 1, 2020, through June 30, 2023.
The lease rent revenue shall be as follows:
July 1, 2020-June 30, 2021 = $592,479.00
July 1, 2021-June 30, 2022 = $604,329.00
July 1, 2022-June 30, 2023 = $616,415.00
The Administration recommends that the Board approve the attached Second Amendment to the Lease Agreement with Banner Day Learning Corp.
The Administration recommends that the Board approve the attached Third Amendment to the Lease Agreement with Greater Holy Temple Christian Learning Center, Corp.
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Fiscal Impact Statement:
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There are no expenditures associated with this item. Total lease revenue for the three-year term is $1,813,223.00.
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Implementation and Assessment Plan
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Upon Board approval, the attached Third Amendment to the Lease Agreement between Milwaukee Public Schools and Greater Holy Temple Christian Learning Center, Corp., shall be executed.
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Recommendation:
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Your Committee recommends approval of the Administration's recommendation.
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Approvals:
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Recommended By:
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Signed By:
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Jacqueline M. Mann, Ph.D. - Board Clerk/Chief Officer
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