This resolution allows the Director of Property to sign a four-year lease with NPU, Inc. for the Old Mint at 88-5th Street, with options to extend for up to 15 additional years, and requires NPU, Inc. to pay 10% of their gross monthly revenue from the property. It also gives the Director the authority to make minor changes to the lease as needed without significantly impacting the city's obligations or benefits.
Resolution authorizing and approving the Director of Property to execute a Lease Agreement for a term of four years with three five-year options to extend, to commence upon approval of this Resolution through July 31, 2029 with NPU, Inc. for the continued use of the Old Mint located at 88-5th Street, paying as participation rent, 10% of the gross monthly revenue generated from their use of the Old Mint; and authorizing the Director of Property to execute any amendments or modifications to the Lease including exercising options to extend the agreement term, make certain modifications and take certain actions that do not materially increase the obligations or liabilities to the City, and do not material decrease the benefits 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 extend the lease for the Old United States Mint to continue its use as a cultural facility while restoration plans are developed.
The City issued a Request for Proposals for leasing the Old Mint, resulting in the selection of NPU, Inc. as the tenant.
A lease was executed with NPU, Inc. for a term of two years with options to extend, just before the COVID-19 pandemic began.
The Mayor's Office submitted a proposal to the Board of Supervisors to authorize a new lease agreement with NPU, Inc. for the Old Mint.
The Budget and Finance Committee reviewed and amended the lease resolution, recommending it for adoption.
The Board of Supervisors adopted the resolution authorizing the lease agreement with NPU, Inc. for the Old Mint.
The Mayor approved the resolution, finalizing the lease agreement with NPU, Inc.
Reconstructed from attached documents & the official record
