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19 <br />2 <br />Based on' information provided at the Task Force meeting on April 25 and <br />the Task Force Funding Subcommittee meeting on April 23, the Task Force <br />has committed to providing the funds necessary to address items 2(a -c) <br />above. The attached letter attests to the Senior's funding commitment. <br />The lease with Elliott Center Investors provides that the County will <br />support a base lease of 6102 square feet at an annual cost of $48,816, <br />with the Task Force Funding the remaining 2938 square feet at an annual <br />cost of $23,504. As you recall,, if the entire square footage was <br />leased the Landlord would charge rent only for the ground floor area. <br />A condition of the lease provides for an annual review of the 2938 <br />square feet. If funding has not been committed by sources other than <br />the County, this space would revert back to the Landlord or the County <br />would sublease to other agencies. <br />The term of the lease.would run from July 1, 1991 through June 30, <br />1996, with an option to extend the lease for an additional five years <br />if necessary. Although we negotiated with the Landlord for an <br />extension of time before commitment was made, it is critical to the <br />Landlord that a lease be executed on May 6. It is likely that if a <br />lease is not approved on May 6, terms and conditions must be <br />re- negotiated. <br />RECOMMENDATION: Approve a five year lease with Elliott Center <br />Investors for 6102 square feet as the base lease and 2938 square feet <br />supported by funds from the Task Force, for a total of 9040 square <br />feet, for the purpose of establishing a Chapel Hill Satellite Senior <br />Center; and to authorize the establishment of subleases if said <br />funding is not obtained; and authorize the Chair to sign on behalf of <br />the Board. <br />