HomeMy WebLinkAboutEC17-206 - Other - Marquee on Meeker - Phase I - Lease Agreement - 04/02/2018Lease Agreement Cover Sheet—Page 1 of 2
CITY CLERK
CITY OF KENT
220 4th Avenue South
Kent, WA 98032
Fax: 253-856-6725
PHONE: 253-856-5725
Lease Agreement Cover Sheet
This document is to be used in lieu of the Contract Cover Sheet
SECTION 1 – CONTRACT PROCESSING AND TENANT SET-UP:
Contract Number: (to be completed by Clerk’s Office)
1. Responsible Department/Division: ECD
2. Contact Person and Title: Kurt Hanson, Director
Telephone Extension: 5706
3. Tenant (Customer) Name: Marquee on Meeker
4. Tenant (Customer) Number: 2167541
5. General Ledger Account Number: 10004115.56250
6. King County Tax Parcel Number(s): 2322049095 and 2322049096
7. Address of Parcel: 2030 W. Meeker
8. Type of Lease: Egress, ingress, provision of utilities/construction
staging
9. Council Authorization Date: March 28, 2018
10. Mayor Signature Date: March 29, 2018
SECTION 2 – LEASE DURATION AND IMPORTANT DATES:
11. Lease Start Date: April 2, 2018
12. Tenant Lease Option Renewal Notification Due Date: n/a
13. Lease Termination Date: Upon completion of Phase II property purchase,
no later than May 2020.
14. Lease Duration: Approximately 2 years
SECTION 3 – RENT DETERMINATION AND DUE DATE:
15. Rent: $1/year
16. Rent Due Date: April 1, annually
Lease Agreement Cover Sheet—Page 2 of 2
17. Calculation of Rental Increase(s): n/a
SECTION 4 – LEASEHOLD EXCISE TAX:
18. Is this lease subject to leasehold excise taxes?
YES (go to Question 19)
NO, reason:
19. Are leasehold excise taxes for this tenant centrally assessed, i.e.
directly collected from the tenant by the Washington State Department
of Revenue?
YES (attach written verification received directly from DOR or indirectly
through the tenant, e.g. DOR notification letter)
NO (go to Question 20)
20. Does Lease Rent include Leasehold Excise Tax?
(Leasehold taxes must be broken out on the invoice and coded: Business
unit.32500.0303)
YES Calculate the leasehold excise tax (Stated Rent divided by
1.1284)
NO Calculate the leasehold excise tax (Stated Rent times .1284)
SECTION 5 – APPLICABLITY OF UTILITIES:
21. Applicability of Utilities – Check all that utilities that are affected and
indicate provider (e.g. City of Kent), Account Number or basis of
exclusion.
Does Not Apply
Water:
Sewer:
Drainage:
Garbage:
Electricity/Natural Gas:
SECTION 6 – MONETARY PENALTIES AND LATE INTEREST CHARGES:
22. Monetary Penalties: n/a
23. Late Interest: n/a
SECTION 7 – OTHER LEASE CONSIDERATIONS:
Customer is paying a reduced lease rate to the city in consideration of agreement
to buy the property for the second phase of construction per the Development
Agreement. Lease rate was established at $0.04/SF at 209,208 square feet =$8,368 (per
month valuation of lease payment) x 12.84% = Leasehold Excise Tax due of $1,074/month.
None (check box if no considerations)