This resolution allows the City to lease 387 square feet of space at the Main Library to The Friends and Foundation of the San Francisco Public Library for five years at an annual rent of $15,555.84, with options for three additional five-year extensions and annual rent increases based on the Consumer Price Index. It also gives the Director of Property the authority to make minor amendments to the lease as needed.
Resolution authorizing and approving the lease of 387 square feet of space at the Main Library located at 100 Larkin Street, with The Friends and Foundation of the San Francisco Public Library, a non-profit 501(c)(3), for an initial five-year term at an annual base rent of $15,555.84 (or the monthly amount of $1,296.32), with annual CPI increases to base rent and three additional five-year extension options, effective upon approval of this Resolution; and to authorize the Director of Property to enter into amendments or modifications to the Lease that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of the Lease or this Resolution.
How it got here
The legislation originated from the need to formalize a lease agreement between the City and the Friends and Foundation of the San Francisco Public Library for bookstore operations at the Main Library.
The Board approved a five-year 'Bookstore Lease' with the Friends and Foundation of the San Francisco Public Library (FSFPL), which included three five-year options to renew.
FSFPL entered a holdover period under the previous lease agreement as the lease expired.
The City, through its Real Estate Division, began negotiating a new lease with FSFPL, which included a base rent and terms for potential rent abatement based on fundraising contributions.
The Budget and Finance Committee recommended the resolution for the lease agreement to the Board of Supervisors.
The Board of Supervisors adopted the resolution authorizing the lease of 387 square feet of space at the Main Library to FSFPL for an initial five-year term.
The Mayor approved the resolution, finalizing the lease agreement.
The Clerk of the Board received the finalized lease agreement from the department for inclusion in the official file.
Reconstructed from attached documents & the official record
