LEASEAPPROVED

watertown-housing-authority-lease-and-management-contract_7fb.pdf

Beaverbrook STEP, Inc. awarded lease for Watertown group home

$50,000 (predevelopment expenses for 2023); annual rent (COLA-adjusted, see notes)City of WatertownBEAVERBROOK STEP INCOctober 25, 2023

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Description

The Watertown Housing Authority, through 103 Nichols LLC, entered into a 30-year lease and management contract for a new 5-bedroom group home with Beaverbrook STEP, Inc. as service provider. The agreement includes COLA-adjusted rent, annual cost reviews, and a DDS guarantee to ensure continuity of services for adults with disabilities.

Contract Details

Contract Amount

$50,000 (predevelopment expenses for 2023); annual rent (COLA-adjusted, see notes)

Vendor

BEAVERBROOK STEP INC

Agency

City of Watertown, MA

Contract Type

LEASE

Document Date

October 25, 2023

Contract Term

30 years (Contract and Lease Term, tied to FCF loan)

Renewal Date

2055-XX-XX

Renewal Info

Rent increases annually on the contract renewal date by at least COLA. DDS guarantees the contract if the Provider is unable to fulfill obligations. 30-year base term with potential for extensions depending on loan/funding terms.