DATE: March 7, 2018
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Brad Wilson, Project and Facilities Manager
SUBJECT:
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Lease agreement with Pull-Tight Players, Inc located at 112 Second Ave. S., Franklin TN. (COF Contract No. 2014-0016)
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Purpose
The purpose of this memorandum is to inform the Board of Mayor and Aldermen (BOMA) that approval was given on behalf of the Board to enter a multi year agreement with Pull-Tight Players, Inc located 112 Second Ave South at a monthly rental of One Dollar and no Cents [$ 1.00].
Background
Over this past year the City of Franklin and Pull-Tight Players, Inc. has continued its relationship regarding the agreed upon lease of the City Facility located on 2nd Ave. behind City Hall and next to the 2nd Ave. parking garage. Pull-Tight has during this past year been an excellent partner to work with regarding the cities lease requirements. They continue to maintain the facility in good working order and have had very few and or minor request over the last year. The lease terms expand this year to a Five (5) year term agreement having as commenced on July 1, 2017 and will automatically renew for additional annual terms of three (3) years each upon the same terms as set forth herein, unless prior written notice is provided by either Lessor or Lessee to the opposing party not less than twelve (12) months in advance of the end of the Original Term or any additional term then taking effect.
Financial Impact
Currently, this lease agreement continues the arrangement for the use and maintenance of the city-owned building that has been in place for many years.
Recommendation
Approval has been given for the new lease dated July 17, 2017 to June 30, 2022.