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A resolution approving a lease agreement between The Metropolitan Government of Nashville and Davidson County and the East Bank Development Authority for use of property located at 730 President Ronald Reagan Way and 63 Hermitage Avenue. (Proposal No. 2025M-049AG-001).
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WHEREAS, the Metropolitan Government of Nashville and Davidson County is the owner of property located at 730 President Ronald Reagan Way and 63 Hermitage Avenue; and,
WHEREAS, the East Bank Development Authority wishes to use certain office space located at 730 President Ronald Reagan Way and 63 Hermitage Avenue; and,
WHEREAS, the lease agreement is attached hereto and incorporated herein; and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that the Lease Agreement be approved.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That the Lease Agreement by and between the Metropolitan Government of Nashville and Davidson County and the East Bank Development Authority, a copy of which is attached hereto and incorporated herein, 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.
Agenda Analysis
Analysis
This resolution approves a lease agreement between the Metropolitan Government and the East Bank Development Authority (“EBDA”) for the use of properties at 730 President Ronald Reagan Way and 63 Hermitage Avenue.
The agreement provides for the EBDA to lease approximately 1,475 square feet of office space in Lindsley Hall located at 730 President Ronald Reagan Way.
The agreement also provides for the EBDA to lease no less than 3,600 square feet of office space in the Nashville Fire Department building located at 63 Hermitage Avenue. The exact space and exact square footage shall be determined at a later date, which would be shown through a lease addendum executed by both parties. The rights to the property on President Ronald Reagan Way would terminate 15 days after the 63 Hermitage Avenue property is made available to EBDA.
The lease term is effective when the lease is signed by all parties and filed with the Metropolitan Clerk and would continue for five years. EBDA would agree to pay $1,200 per year in fixed monthly installments. The lease may be extended for a single, one-year term upon mutual agreement. Either party may terminate the lease with 30 days’ written notice. Rent shall be adjusted on a pro rata basis per calendar day for any part of the lease term not completed due to cancellation.
EBDA shall maintain the property in a clean, sanitary, and operable condition and is responsible for all repairs. EBDA shall maintain commercial general liability insurance containing bodily injury and property damage coverage of not less than $2,000,000. EBDA must also maintain insurance for personal property, trade fixtures, and equipment and operations within the office space, bear any costs for any loss or damage it causes to the office space, and indemnify, to the extent allowed by law, and hold the Metropolitan Government harmless for all claims that arise under the lease and relate to EBDA’s action or inaction.
Fiscal Note: Metro will pay for utilities and related service costs associated with the property. East Bank Development Authority will pay Metro an annual lease of $1,200 or $100 per month.