Tenant Lease Exceeding 10 Years
Resolution text
Resolved, that the Officers are empowered to complete an renewal and expansion of a lease with tenant Lyceum Kennedy for a term through July 31, 2040.
Explanation
We are seeking ECEC approval because the term of this lease exceeds 10 years. In accordance with joint Governance & Finance Resolution 002, Leasing Policy and Procedure, adopted October 21, 2017: “Leases will be written recognizing the typical expectations of the New York City real estate market…typically for periods of 10 years or more…The Society’s Officers will advise the Executive Council a. Of all lease contracts before signing, and b. Seek the approval of the Council where leases and potential renewals exceed ten years.” The terms of this lease satisfy the financial estimates built into the Executive Council budget presented to General Convention for 2025-2027.