Magnolia Public Schools Staff Report Approval of Lease Amendment and Rent Adjustment for Magnolia Science Academy-7 2026-06-17
Magnolia Public Schools Extends Lease With The House LA
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Description
Magnolia Educational & Research Foundation dba Magnolia Public Schools is amending its lease with The House LA, Inc. for the Magnolia Science Academy-7 campus, extending the term from August 1, 2027 through July 31, 2030 with two additional one-year options. The amendment increases monthly base rent to a stepped schedule starting at $41,250, updates the security deposit to $43,762.13, continues $800 per month maintenance payments, and clarifies cost-sharing for trash collection and property taxes.
Contract Details
Contract Amount
Monthly base rent: $41,250.00 (Aug 1, 2027–Jul 31, 2028); $42,487.50 (Aug 1, 2028–Jul 31, 2029); $43,762.13 (Aug 1, 2029–Jul 31, 2030) plus $800.00/month maintenance; additional security deposit $20,276.21 (total deposit $43,762.13)
Vendor
THE HOUSE LA INC
Agency
Magnolia Science Academy 4 District, CA
Contract Type
FACILITIES
Document Date
June 17, 2026
Contract Term
Extended lease term August 1, 2027 – July 31, 2030, with two additional one-year renewal options potentially through July 31, 2032
Renewal Date
2030-07-31
Renewal Info
Lease is extended three years from August 1, 2027 through July 31, 2030, with two additional one-year options at a 3% increase over the prior year’s base rent. Lessee must give written notice of intent to exercise each option at least 18 months before the expiration of the Extended Term or the first Additional Option Term, or the option expires.
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