Sponsor: Property Management
Title
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Third Amendment to Lease Agreement with Qwest Corporation dba CenturyLink QC for Leased Space in the Metro Square Building
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Recommendation
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1. Approve the Third Amendment to the Lease Agreement with Qwest Corporation dba CenturyLink QC, 931 14th Street, Denver, CO 80202, for a five-year lease term extension of the 180 useable square feet of leased space in the Metro Square building, 121 7th Place East, Saint Paul, MN 55101, for the period of December 1, 2024 through November 30, 2029, in the amount of $13,064.
2. Authorize the Chair and Chief Clerk to execute the lease amendment.
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Background and Rationale
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Qwest Corporation dba CenturyLink QC has leased space inside the Metro Square building since December 1, 1984. The current lease amendment for the 180 square feet of fiber optics communication space inside the facility is set to expire on November 30, 2024.
Property Management supports the benefit of having the building used as communication hub for today’s technology needs to support the area. Property Management has negotiated a five-year extension with CenturyLink at market rate pricing.
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County Goals (Check those advanced by Action)
☐ Well-being ☐ Prosperity ☐ Opportunity ☒ Accountability
Racial Equity Impact
The racial equity impact of the lease amendment is unknown.
Community Participation Level and Impact
There is no community engagement for this lease amendment.
☒ Inform ☐ Consult ☐ Involve ☐ Collaborate ☐ Empower
Fiscal Impact
The terms of the lease amendment includes the following rate schedule, with the revenue to be incorporated into the annual Property Management operating budget.
|
Period |
Annual Base Rent PSF |
Monthly Rent |
Annual Total |
|
12/1/2024 - 11/30/2025 |
$13.67 |
$ 205 |
$ 2,461 |
|
12/1/2025 - 11/30/2026 |
$14.08 |
$ 211 |
$ 2,534 |
|
12/1/2026 - 11/30/2027 |
$14.50 |
$ 218 |
$ 2,610 |
|
12/1/2027 - 11/30/2028 |
$14.94 |
$ 224 |
$ 2,689 |
|
12/1/2028 - 11/30/2029 |
$15.39 |
$ 231 |
$ 2,770 |
|
|
|
Total |
$13,064 |
Last Previous Action
On July 21, 2015, the Ramsey County Board of Commissioners approved the second amendment to the Lease Agreement with Qwest Corporation dba CenturyLink QC for leased space in the Metro Square Building (Resolution B2015-245).
Attachments
1. Third Amendment to Lease Agreement