RESOLUTION NO. 154
AUTHORIZING A LEASE AGREEMENT WITH KASSELMAN ELECTRIC CO., INC REGARDING CORPORATE SUITE NO. 10 AT THE TIMES UNION CENTER
Introduced: 5/11/20
By Public Works Committee:
WHEREAS, Kasselman Electric Co., Inc., Menands, NY 12204 (Suite holder) has indicated an interest in renewing its lease of Corporate Suite No. 10 at the Times Union Center in accordance with terms and conditions approved by the County Attorney, and
WHEREAS, The Suite holder has agreed to pay an annual rental fee of $20,500 for said suite, and
WHEREAS, The Suite holder has also agreed to pay $30,500 annually for advertising within the Arena, and
WHEREAS, Annual payments totaling $51,000 are to be made as follows: a $20,500 payment on or before July 1st preceding the contract year, and the remaining $30,500 payment is due on or before December 15th during each contract year, and
WHEREAS, The term of said lease shall be for a three (3) year period, commencing on March 18, 2020 and ending on March 17, 2023, now, therefore be it
RESOLVED, By the Albany County Legislature that the County Executive is authorized to enter into a lease agreement with the above referenced Suite holder regarding the lease of Corporate Suite No. 10 at the Times Union Center pursuant to the aforementioned terms, and, be it further
RESOLVED, That the County Attorney is authorized to approve said lease agreement as to form and content prior to the execution thereof, and, be it further
RESOLVED, That the Clerk of the County Legislature is directed to forward certified copies of this resolution to the appropriate County Officials.