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File #: 22-0865    Version: 1
Type: Resolution Status: Adopted
File created: 7/18/2022 In control: Finance & Governance Committee
On agenda: 8/8/2022 Final action: 8/8/2022
Title: A resolution approving a proposed Amendatory Agreement between the City and County of Denver and Subway Real Estate, LLC to change the rate structure, reducing rent by $47,185.50 for a new total of $534,806.71 to account for reduced foot traffic during the pandemic recovery, located in the Webb Building in Council District 9. Amends the lease agreement with Subway Real Estate, LLC to change the rate structure, reducing rent by $47,185.50 for a new total of $534,806.71 to account for reduced foot traffic during the pandemic recovery, located in the Webb Building in Council District 9. No change to lease duration. (FINAN-202054772-09). The last regularly scheduled Council meeting within the 30-day review period is on 8-29-2022. The Committee approved filing this item at its meeting on 7-26-2022.
Indexes: Mar'quasa Maes
Attachments: 1. RR22-0865 2022-07-18_Ordinance Request-Subway Webb 9th Amd, 2. 22-0865 Filed Resolution_Subway Real Estate LLC 202054772-09, 3. 22-0865 Ninth Amendatory Agreement Subway Real Estate LLC 202054772-09, 4. 22-0865 Filed Resolution_Subway Real Estate LLC 202054772-09, 5. 22-0865 - signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 7-25-2022

Requesting Agency: Finance
Division: Real Estate

Subject Matter Expert Name: Lisa Lumley
Email Address: Lisa.Lumley@denvergov.org
Phone Number:

Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney's Office should enter the title above the description (the title should be in bold font).

Both the title and description must be entered between the red "title" and "body" below. Do not at any time delete the red "title" or "body" markers from this template.
title
A resolution approving a proposed Amendatory Agreement between the City and County of Denver and Subway Real Estate, LLC to change the rate structure, reducing rent by $47,185.50 for a new total of $534,806.71 to account for reduced foot traffic during the pandemic recovery, located in the Webb Building in Council District 9.
Amends the lease agreement with Subway Real Estate, LLC to change the rate structure, reducing rent by $47,185.50 for a new total of $534,806.71 to account for reduced foot traffic during the pandemic recovery, located in the Webb Building in Council District 9. No change to lease duration. (FINAN-202054772-09). The last regularly scheduled Council meeting within the 30-day review period is on 8-29-2022. The Committee approved filing this item at its meeting on 7-26-2022.
body

Affected Council District(s) or citywide? 9

Contract Control Number: FINAN-202054772-09

Vendor/Contractor Name (including any "DBA"): Subway Real Estate, LLC

Type and Scope of services to be performed: Operation sandwich shop

This 9th Amendatory Lease Agreement changes rent structure through end of lease term from a stated dollar amount to a percentage of gross sales, in response to reduced post-pandemic building occupancy and foot traffic.


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