A resolution approving a proposed Lease Agreement between the City and County of Denver and CAGSPI 4650, LLC to meet the city’s warehousing and storage needs while preserving future development opportunities located at 4650 Steele Street. Approves a lease agreement with CAGSPI 4650, LLC for $7,854,353.98 and for 87 months with an option to purchase, to lease approximately 120,907 square feet to meet the city’s warehousing and storage needs while preserving future development opportunities of the site, located at 4650 Steele Street in Council District 9 (FINAN 201950262). The last regularly scheduled Council meeting within the 30-day review period is on 8-26-19. The Committee approved filing this item at its meeting on 7-23-19.
Thank you, Councilwoman. And I apologize. And thank you, Councilwoman Black, for grabbing. I totally missed it. But Councilman Hines and Councilwoman Torres, did you buzz in on the last ones? So, Mr. Steinberg, if you might come back up. I'm sorry about that. Councilman Hines, you want to go ahead? Thank you, Mr. President. I just have a quick question. We do not have the funds today to purchase this property. Is that correct? Correct. And but that is something that we're that we have the option and we're considering to do at some point in the future. Yeah. The lease itself has options that commence at month 18 and continue every six months until month 54 for a fixed purchase price. Thank you. Thank you. Councilman Hines. Councilman Royce. That was the same question I had. Thank you. Okay, thanks. Thank you. And apologies again for missing you on that one. All right. I believe that brings us to quick real quick. Real quick. Councilman CdeBaca. What is that purchase price at 18 months? At 18 months, the purchase price is $10 million. And then every six month period thereafter, it increases by two and a half percent.