The purpose of this item is to approve a lease for 1,615 square feet of office space for the Bond Project Team. The lease space is located at 4950 Keller Springs Road, Suite 200 with a term of 60 months.
In November 2020, the newly formed Bond Project Team moved into the existing lease space at the Addison TreeHouse located at 14681 Midway Road. This space will no longer be available starting in the spring of 2023. The Bond Project Team oversees major bond projects, including Midway Road, Keller Springs Road, Airport Parkway, Quorum Drive, and Montfort Drive.
The new proposed base lease space costs are broken down in the table below.
| Period in Months |
Monthly Rental |
Total Annual Cost |
Annual Rent Per SF |
| 01-12 |
$2,181.60 |
$26,179.15 |
$16.21 |
| 13-24 |
$2,247.54 |
$26,970.50 |
$16.70 |
| 25-36 |
$2,314.83 |
$27,778.00 |
$17.20 |
| 37-48 |
$2,383.47 |
$28,601.65 |
$17.71 |
| 49-60 |
$2,454.80 |
$29,457.60 |
$18.24 |
The landlord has agreed to complete up to $32,000 of needed improvements, with the Town paying $6,000 of this cost. An estimated $236.59/month in operating expenses and common area maintenance will also be added to the base costs.
Additional information can be found in the attached resolution with the lease agreement.
This item is funded by proceeds from the 2012 and 2019 bond programs.
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