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Property Management, Lease, Contribution and Support Agreement with Kids Rock! Child Care Center, Inc.
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This agreement is between the city and Kids Rock! Childcare Center. The agreement is for 5 years and shall automatically renew for two additional 5-year terms for a total of 15 years. The rent is $1 per year. The city is responsible for all utility services, maintenance expenses, property taxes, insurance, and building repairs. Kids Rock! must maintain the interior, obtain a childcare license, and provide financial reports to the city. The city’s annual contribution is $75,000 for management and operational costs. The agreement also authorizes the city to contribute as needed during the initial startup years and provide long-term financial support to assure a break-even financial basis.
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City Administrator Recommendation: City Council Approve the Property Management, Lease, Contribution and Support Agreement with Kids Rock! Child Care Center, Inc.