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 $10,800.72 for a new total of $173,249.40 to account for reduced foot traffic during the pandemic recovery, located in the Justice Center Garage in Council District 10.
Amends the lease agreement with Subway Real Estate, LLC to change the rate structure, reducing rent by $10,800.72 for a new total of $173,249.40 to account for reduced foot traffic during the pandemic recovery, located in the Justice Center Garage in Council District 10. No change to lease duration (FINAN-202054763-08). 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? 10
Contract Control Number: FINAN-202054763-08
Vendor/Contractor Name (including any “DBA”): Subway Real Estate, LLC
Type and Scope of services to be performed: operate sandwich shop
Location (if applicable): Justice Center Garage - 434 W 14th Ave
WBE/MBE/DBE goals that were applied, if applicable (construction, design, Airport concession contracts): N/A
Are WBE/MBE/DBE goals met (if applicable)?
Is the contract new/a renewal/extension or amendment? Amendment
Was this contractor selected by competitive process or sole source?
Competitive
For New contracts
Term of initial contract:
Options for Renewal:
How many renewals (i.e. up to 2 renewals)?
Term of any renewals (i.e. 1 year each):
Cost of initial contract term:
Cost of any renewals:
Total contract value council is approving if all renewals exercised:
For Amendments/Renewals Extensions:
Is this a change to cost/pricing; length of term; terms unrelated to time or price (List all that apply)?
If length changing
What was the length of the term of the original contract?
What is the length of the extension/renewal?
What is the revised total term of the contract?
If cost changing
What was the original value of the entire contract prior to this proposed change?
$184,050.12
What is the value of the proposed change?
($10,800.72)
What is the new/revised total value including change?
$173,249.40
If terms changing
Describe the change and the reason for it (i.e. compliance with state law, different way of doing business etc.)
This 8th Amendatory Lease Agreement reduces rent through end of lease term in response to reduced post-pandemic foot traffic.
One five-year extension option remains. Rent for this extension option will be based on market rent.