It is recommended that the lease agreement by and between the City of Plano and The Shops at Legacy (RPAI) L.P. be amended and restated for Space No. 39 with an address of 7200 Bishop Road, Plano, Texas 75024. This is a first amendment and restatement of an office lease dated October 30, 2015.
This site is currently the Police Department’s location for the Neighborhood Police Office which provides police services for residents and businesses in The Shops at Legacy area and the Police Department recommends retaining this site.
The term of this agreement shall be extended for a period of five (5) years and two (2) months beginning on November 1, 2020 and expiring December 31, 2025, unless sooner terminated pursuant to the terms of the Lease. The rental periods are as follow as well as the basic annual and monthly rent:
November 1, 2020 – October 31, 2021 $18,291.00 Annual $1,524.25 Monthly
November 1, 2021 – October 31. 2022 $19,110.00 Annual $1,592.50 Monthly
November 1, 2022 – October 31. 2023 $19,972.68 Annual $1,664.39 Monthly
November 1, 2023 – October 31, 2024 $20,868.12 Annual $1,739.01 Monthly
November 1, 2024 – December 31, 2025 $21,807.24 Annual $1,817.27 Monthly
The rental rates listed above are based on RPAI’s cost involved for the break-even operation of this space and as such are well below the normal lease rate per square foot of premises rented for this area. If this amendment and restated lease is not approved it will be necessary for the Police Department to relocate. Relocating may cause the Department to incur expenses for moving to and outfitting another location as well as a more expensive lease rate than that offered by RPAI. The Shops at Legacy geographic area will impede the delivery of police services in this very popular and densely populated area of the City.