Finance — 03/16/16 Page 4
there. To me, they have more than abided by the terms of the original lease, and they have added a very, very
significant amount of value to that lease. Now this extension says whatever was in place we’re now going to
take the rent and roll it up three percent a year which is actually fairly substantial to be honest with you. God
bless. The city is getting a very good deal especially because they are a fantastic tenant.
Mayor Donchess
| don’t have a problem if someone wants to table or make a motion in terms of bringing back the underlying
documents. Just to give some color to the situation, | did go over there this week. They have done an
incredibly good job in terms of renovating the space that they are now occupying. They are looking at kind of a
three-phased program. The first phase they have renovated a majority of the downstairs. Then they are going
to move to a renovation of the remainder of the downstairs, not so much for the manufacturing functions but to
house people who want to work out of that place, members who have remote working assignments. Then there
is an upstairs which is even rougher that they ultimately hope to renovate for more of a tech-related incubator
type space. They have been allocated tax credits by the Community Development Finance Authority, and they
are trying to sell these tax credits to help raise money. They are doing a superb job in terms of making this
space something that’s much more habitable than it was before which, of course, accrues to the benefit of the
city as the owner. | think the request to bring in the underlying documents to review them is certainly a
reasonable request, if someone wants to make the motion to table. |
MOTION CARRIED
NEW BUSINESS — ORDINANCES — None
DISCUSSION
Alderman Wilshire
What is with the static with the microphones? I’ve noticed it. | don’t know if it’s coming from that side of the
room.
Alderman O’Brien
| don’t have any static.
Alderman Wilshire
It’s stopped but for the first 10-15 minutes that’s all you heard was static.
Unidentified Speaker
The amplifier is being replaced tomorrow.
Mayor Donchess
So we got the answer. There’s a problem with the amplifier, and it’s being replaced tomorrow.
RECORD OF EXPENDITURES
MOTION BY ALDERMAN SIEGEL THAT THE FINANCE COMMITTEE HAS COMPLIED
WITH THE CITY CHARTER AND ORDINANCES PERTAINING TO THE RECORD OF EXPENDITURES
FOR THE PERIOD TO FEBRUARY 26, 2016 TO MARCH 10, 2016
MOTION CARRIED
