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LCD-76-353 1 (1976-10-01)

handle is hein.gao/gaobaabzv0001 and id is 1 raw text is: =,P'YROLLER GZNZRLEal OF THC UUMCI STATES WAt4 1rTo . C .r, zoo ReST&TICTE!D - iOt to be rJeased otra ,'-- Accotnryi of.-ico e :cap oi C e basts a B-148004 by the Olico og Cangrosszonaj Eelation, The Honorable Nelson A. Rockefeller President of the Senate Dear Mr. President: This is our report to comply with the requirements of Section 112 of Public Law 94-157, approved December 18, 1975. This law authorized the Senate Sergeant at Arms to negotiate a- lease for all or part of a building at 400 North Capitol Street, Washington, D.C., at an annual rental not to exceed $3,375,000 for the entire building, exclusive of amounts for reimbursement for taxes and utilities furnished by the lessor. The law provides that the lease shall not Iecome effective until approved by Senate resolution. Prior to the approval process the General Accounting Office shall examine the terms of the proposed lease and shall report to the Senate on its reasonableness, taking into account such factors as rental cates goc similar space, advantages of proximity, and possible alternative arrangements- The law algo specifies that the.. lease nay be for a term not in excess of 5 years znd shall contain an option to purchase such property. ard shall include such other terms and conditions as the Senate Committee on Rules and Administration and the Senate Co mittee on Appcopriations may determine to be in the best interests of the Government. DACIGROUND. In January 1976 the building owners offered to lease the entire buildMing (known as the North Capitol Plaza Builing) -to the Government at an annual rental of $3,375,000. The Govern- sent would have been required to pay all taxe, utilities, and services. We analyzed this proposed lease and orally provided the Senate Sergeant at Arms our. views on the proposed lease. The General Services Administration also analyzed the proposed lease and provided the Sergeant at Arms with its comments in February 1976. The General Services Administration appraised the property in January 1976 and estimated its fair market value, without LCD-76-353

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