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Approve Lease Agreement with Aldridge Electric, Inc., for Storage Space at the Corporate Yard <br />September 17, 2019 <br />Page 2 <br />space to Aldridge Electric, Inc., it provides the contractor with a secured storage area in close <br />proximity to the OC Streetcar Project. <br />Staff has evaluated the request and has identified available space within the Corporate Yard Stores <br />Building and the exterior area. The City recommends entering into a lease agreement with Aldridge <br />Electric, Inc., for the same term as the lease agreement for rental of office space at SARTC which <br />is scheduled to expire on February 19, 2021, with twelve one -month extensions. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #3 — Economic Development, <br />Objective #2 (create new opportunities for business/job growth and encourage private <br />development through new General Plan and Zoning Ordinance policies), Strategy C (support <br />business development and job growth along transit corridors through the completion of critical <br />transit plans/projects including: The OC Streetcar Project, Santa Ana Regional Transportation <br />Center Master Plan, Complete Streets and General Plan Circulation Element update). <br />FISCAL IMPACT <br />Approval of the site lease agreement obligates Aldridge Electric, Inc., to compensate the City <br />$30,000 annually for the lease of office space at the Corporate Yard. The agreement term begins <br />September 18, 2019, and ends February 19, 2021. There is also an option for twelve one -month <br />extensions. <br />The requested Appropriation Adjustment will recognize Fiscal Year 2019-20 lease income of <br />$23,568 into the Corporate Yard Operations Rental -Aldridge Electric revenue account (No. <br />08517002-53826) and appropriate the same amount to the Corporate Yard Contract Services - <br />Professional expenditure account (No. 08517138-62300). <br />The total anticipated revenue and expenditures from this agreement is as follows: <br />Fiscal Year <br />Accounting <br />Unit - <br />Fund Description <br />Accounting Unit, Account <br />Amount <br />Account No. <br />Description <br />REVENUE <br />Agreement 1-Year Term <br />FY 2019-20 <br />Sept. 2019 - <br />08517002- <br />City Yard Operation <br />City Yard Operations, Rental - <br />$23,568 <br />June 2020 <br />53826 <br />Aldridge Electric <br />FY 2020-21 <br />July 2020 - <br />08517002- <br />City Yard Operation <br />City Yard Operations, Rental - <br />$19,062 <br />Feb. 2021 <br />53826 <br />Aldridge Electric <br />Optional 1-Month Extensions <br />20A-2 <br />