RESOLUTION NO. RS2008-226

A resolution approving an amendment to a lease agreement between KBS Nashville Industrial Portfolio I and The Metropolitan Government of Nashville and Davidson County for certain real property located at 523 Mainstream Drive, Nashville, Tennessee, 37228, for use as temporary facilities during the Howard Office Building renovation (Proposal No. 2008M-038).

WHEREAS, Metropolitan Code of Laws Section 2.24.210 provides that, “Any leases of public property, except leases of space in the Stahlman Building, shall be subject to the approval of the metropolitan council;” and

WHEREAS, The Metropolitan Government entered into a Lease dated November 19, 2002, for real property (the “Property”) located at 523 Mainstream Drive, Nashville, TN 37228 which was approved by Ordinance No. BL2002-1211; and

WHEREAS, a first amendment to this lease was approved by Resolution of Council RS2003-1582 on August 5, 2003, which amendment added space to the original lease agreement; and

WHEREAS, The Metropolitan Government has determined that space is required to provide temporary space for the tenants of the Howard Office Building during the renovation, construction, and modification; and

WHEREAS, the parties desire to amend the Lease as set forth in Amendment 2 (“Amendment 2”), attached hereto as Exhibit A, to extend the term of the original lease for an additional three years from April 1, 2008 to March 31, 2010 at a monthly rental rate of $49,733.98 for the first year; and

WHEREAS, The Revised Premises shall include 47,246 square feet located at 523 Mainstream Drive, Nashville, Tennessee; and

WHEREAS, The Metropolitan Government of Nashville and Davidson County, acting by and through the Director of Public Property, has negotiated an amendment to the Lease Agreement with KBS Nashville Industrial Portfolio I; and

WHEREAS, Ordinance No. BL2002-1211 provided that any amendments to the Lease shall be approved by resolution of the Metropolitan Council receiving twenty-one affirmative votes; and

WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that this Amendment 2 to the Lease Agreement be approved.

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

SECTION 1. The attached Amendment 2 to Lease (Exhibit A) between KBS Nashville Industrial Portfolio I and The Metropolitan Government of Nashville and Davidson County is hereby approved.

SECTION 2. This resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Frank Harrison, Erik Cole

LEGISLATIVE HISTORY
Referred:	Planning Commission Budget & Finance Committee  Planning and Zoning Committee
Introduced:	April 1, 2008
Adopted:	April 1, 2008
Approved:	April 9, 2008
By: