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Title:
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Resolution authorizing the Director of Property to execute a First Amendment to a Lease between the City and La Cocina, Inc. (“Tenant”) related to the lease of City-owned property located at 101 Hyde Street to extend the lease for one year from January 1, 2026, for a total term of July 7, 2019, through December 31, 2026, reimburse Tenant in the amount of $106,528.02 for sidewalk improvements, allow for light manufacturing and operation of a shared-use commercial kitchen, and remove required future utility payments by Tenant until expiration or termination of the lease; forgive past utility payments retroactive from March 1, 2020, through the date of the First Amendment to Lease in an amount not to exceed $115,000; determining that the less than market rent payable under the Lease will serve a public purpose by reducing economic barriers and fostering an inclusive food economy, in accordance with Section 23.30 of the Administrative Code; and enter into amendments or modifications to the First Amendment to the Lease and/or take certain actions that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of the lease or this Resolution.
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