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Meeting Date:
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5/18/2017 - 5:30 PM
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Category:
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ITEMS OF BUSINESS
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Type:
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Action
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Subject:
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3. Action on a Request to Approve the Second Amendment to the Lease Agreement with Greater Holy Temple Christian Learning Center, Corp.
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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 Second Lease Amendment
2. First Lease Amendment
3. Original Lease Agreement
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File Attachment:
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Background:
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In July 2008, the Milwaukee Board of School Directors entered into a lease agreement with Greater Holy Temple Christian Learning Center, Corp., (Greater Holy Temple) for the facility located at 5575 North 76th Street. In March 2015, the Milwaukee Board of School Directors authorized a lease amendment that extended the lease term through June 30, 2017. Milwaukee Public Schools and Greater Holy Temple are interested in continuing the lease agreement through the approval of a second lease amendment extending the lease term from July 1, 2017, through June 30, 2020.
The amendment to the lease includes provisions for the following:
The term shall commence on July 1, 2017, and shall be for an additional (3) years, terminating on June 30, 2020;
The lease rent revenue shall be as follows:
July 1, 2017 – June 30, 2018; $569,417.00
July 1, 2018 – June 30, 2019; $575,111.00
July 1, 2019 – June 30, 2020; $580,862.00
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Fiscal Impact Statement:
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There are no expenditures associated with this item. Lease revenue is projected as follows:
FY18 = $569,417.00
FY19 = $575,111.00
FY20 = $580,862.00
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Implementation and Assessment Plan
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Once the Board has approved the amendment to the lease, the amendment shall be executed.
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Recommendation:
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The Administration recommends the Board approve the attached Second Amendment to the Lease Agreement with Greater Holy Temple Christian Learning Center, Corp.
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Approvals:
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Recommended By:
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Signed By:
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Travis Luzney - Director
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Signed By:
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Wendell Willis - Director, MPS Foundation
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Signed By:
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Lynn Ruhl - Director of Financial Planning and Budget
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Signed By:
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Dr. Darienne Driver - Superintendent
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