Leonardo likes long-term library lease at $12 per year

The Leonardo likes the lease its new landlord has on the table.

With concerns about the science center's future now in the past, the capital city has crafted a long-term lease that could keep The Leonardo downtown for half a century.

The proposal on the table, waiting approval from the Salt Lake City Council, is a 20-year lease with three possible 10-year exceptions.

The price of a year's rent for The Leonardo in the old downtown library? $12.

"I think we're in a great place," said Leonardo spokeswoman Lisa Davis. "We're in a position of strength, and we have a lot of milestones ahead of us."

Under to the proposal, The Leonardo would be responsible for all operating expenses, including cleaning, maintenance, repairs, utilities and Leadership in Energy and Environmental Design certification.

But before The Leonardo can fully move into its new digs, the building needs work.

The city must sell off $10.2 million in voter-approved bonds to renovate the old library. That could happen next month, following a May 5 public hearing.

"Right now, we are just really working on raising the last bit of money to build our exhibits, ramp up staffing and open," Davis said.

It's a position Leonardo leaders are enjoying after a year of uncertainty.

For months, the City Council seemed wary of releasing the voter-approved bonds, fearing The Leonardo would ultimately need the city for financial support.

Those concerns were alleviated earlier this year, when an independent consultant's six-month review of The Leonardo's slimmed-down business plan determined the center was "poised for success at a level unimaginable 12 months ago."

In its lease, the city makes clear it is "not under any obligation to provide financial support."

On Tuesday, however, The Leonardo received a $750,000 grant, approved by the city's Redevelopment Agency last fall.

"I'm very pleased that this is now moving forward," said Councilman and RDA Chairman Eric Jergensen.

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