LAFCO approves new office lease and adopts revised investment policy

Riverside LAFCO approved a new office lease and adopted an updated investment policy at its Jan. 22 meeting.

Assistant Executive Officer Crystal Craig summarized lease terms: the building owner will contribute $50,000 toward tenant improvements; LAFCO’s estimated share of improvements is $28,000 and staff indicated funds are available. The present lease covers about 1,900 square feet at approximately $4,582 per month; the proposed space is about 3,617 square feet with a first-year payment of approximately $8,750. The proposed lease term is 10 years at roughly $2.42 per square foot with annual increases of 3.5% (up from the current 3%). Craig said improvements address an open ceiling, HVAC/noise mitigation, flooring and repainting to make the space suitable for present and future staffing needs.

Executive Officer Gary Thompson said LAFCO typically mirrors the county’s investment policy because its funds are held in the county pool. Thompson noted the county revised its policy on Dec. 9 and staff recommended adopting the county’s amendments; commissioners approved the investment policy update unanimously.

The commission approved the lease motion and the investment policy by recorded votes. Staff said they will coordinate tenant improvements and finalize lease execution.