6.F.(1) Sub-Sublease with Kite Realty Eddy Street Garage

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(. ~ ~ Staff report Parkin~~ Garage Lcasc 1br Edd~~ Street Commons Preparai by~. Don Inks ] 1-'l~ U~ [n accordance ~~~ith the De~~clopment Agreement for Lddy Street Commons. the Lease and Menu~randum of Lcasc of the Parking Garage to Kite Realty Eddy Strcct Garage. LLC is attached for vour re~~ic~a. The lease term matches the term of the bonds. ?0 years. There arc no lease payments to be made, but Kite will be responsible lbr all maintenance, insurance. properly taxes and operations of the garage, all in accordance ~~~ith the Dc~~elopment Agreement. It is important this Icase be put into place as soon as possible [o mal<c sure the property tax records reflect the nc~~~ly taxable nature of this ~~ropcrty. t\ property tax assessment ~a~ill take place March 1. ?009 ~~~hen the garage «~ill be more than 504=o complete. On that date the property gill need to be leased by a taxable entity so that property taxes can be collected in ?O I 0 to make payment on the Eddv Strcct Bonds. The staff recommendation is to appro~c the Lcasc.