STRATEGIC PRIORITY: Workforce, Education & Equity
AGENDA DATE: September 25, 2024
COUNCIL DISTRICT(S): 2
DEPARTMENT: Department of Facilities and Real Estate Management
EXECUTIVE: Donzell Gipson
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SUBJECT
Title
Authorize a letter agreement to the Garage Lease with Option Agreement with Kyndryl, Inc., successor in interest to International Business Machines Corporation, to delay the closing date with regard to the transfer of title for the Garage and/or Building to occur on or before September 30, 2025 - Financing: No cost consideration to the City
Body
BACKGROUND
This item, on behalf of Information and Technology Services, authorizes a letter agreement to the Garage Lease with Option Agreement with Kyndryl, Inc., successor in interest to International Business Machines Corporation, to delay the closing date with regard to transfer the title for the Garage and/or Building to occur on or before September 30, 2025.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On March 3, 2000, the City Council authorized a 23-year Garage Lease with Option Agreement by Resolution No. 00-0912.
On June 23, 2010, the City Council authorized a First Amendment to Garage Lease with Option Agreement by Resolution No. 10-1700.
FISCAL INFORMATION
No cost consideration to the City.
OWNER/EXECUTIVE
Kyndryl, Inc.
Martin Schroeter, Chief Executive Officer
MAP
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