5. SUBJECT: LEASE AGREEMENT WITH WETZEL'S PRETZELS FOR KIOSK K-1 AT LOS ANGELES UNION STATION AUTHORIZE the Chief Executive Officer (CEO) to execute a lease agreement with Wetzel's Pretzels ("Wetzel's") for Kiosk K-1 in Union Station West and a vending cart located in the East Portal at a monthly rent of $28,292 with annual increases of three-percent (3%), plus common area maintenance fees, eight-percent (8%) of gross sales above the natural breakpoint, as well as provisions related to COVID-19 for an initial term of five-years and a tenant-initiated five-year extension at fair market value. - Metro Los Angeles

Meeting: Finance, Budget and Audit Committee on 2020-09-16 1:30 PM

Meeting Time: September 16, 2020 at 1:30pm PDT

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Agenda Item

5. SUBJECT: LEASE AGREEMENT WITH WETZEL'S PRETZELS FOR KIOSK K-1 AT LOS ANGELES UNION STATION AUTHORIZE the Chief Executive Officer (CEO) to execute a lease agreement with Wetzel's Pretzels ("Wetzel's") for Kiosk K-1 in Union Station West and a vending cart located in the East Portal at a monthly rent of $28,292 with annual increases of three-percent (3%), plus common area maintenance fees, eight-percent (8%) of gross sales above the natural breakpoint, as well as provisions related to COVID-19 for an initial term of five-years and a tenant-initiated five-year extension at fair market value.