TO: CRA Board of Commissioners
FROM: Christine Tibbs, Assistant Director
THROUGH: Renée A. Jadusingh, Executive Director
DATE: January 23, 2024
Title
SIXTH AMENDMENT TO COMMERCIAL LEASE AGREEMENT AND SECOND AMENDMENT TO SITE DEVELOPMENT ASSISTANCE FUNDING AGREEMENT - JERK & LIME AT NICOLE’S HOUSE, LLC
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Recommended Action:
Recommendation
1) Approve the amendment to extend the buildout period of the existing Commercial Lease Agreement between the CRA and Jerk and Lime at Nicole’s House, LLC located at 182 NW 5 Avenue within CRA sub-area #3 and
2) Approve an extension to the existing Site Development Assistance funding agreement for Jerk and Lime at Nicole’s House, LLC for the improvement project located at 182 NW 5th Avenue, CRA sub-area #3.
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Background:
At the November 17, 2021, CRA Board Meeting, the CRA Board approved a Commercial Lease Agreement with Jerk and Lime at Nicole’s House, LLC (Nicole’s House) for the CRA-owned property located at 182 NW 5th Avenue.
At the September 1, 2022, CRA Regular Board Meeting, the Board approved authorizing the Executive Director to consider and, if acceptable, to approve Site Development Assistance Funding Agreement and later ratify the Agreement at the next scheduled Board meeting. To avoid potential delays, the funding agreement application was processed for approval administratively and was later ratified at the January 24, 2023, CRA Board Meeting.
Work has commenced and is underway, however delays in obtaining the interior alteration permit have caused delays in the completion of construction. Additionally, extended lead times for commercial kitchen items have also affected the completion of construction.
Therefore, Nicole’s House is requesting an extension to the Buildout Period for the existing Commercial Lease Agreement. As stipulated in the Lease Agreement, when the Buildout Period expires, the tenant shall begin paying the full Monthly Base Rent amount. She is also seeking an extension to th...
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