Title
Resolution Authorizing Lease Of Real Property At 929 N Front Street to the Wilmington and Beaches Convention & Visitors Bureau
Body
LEGISLATIVE INTENT/PURPOSE:
WHEREAS, a Purchase and Sale Agreement (“PSA”) was authorized by City Council on January 24, 2023, and executed by the City Manager on February 20, 2023, with the intention of securing the properties located at 929 N. Front Street (“Skyline Center”), 1001 N. Front Street, and 1021 N. Front Street; and,
WHEREAS, City operations do not require the use of the all the available office space in Skyline Center; and,
WHEREAS, in consideration of leasing approximately 4,089 square feet of office space on the fourth floor of the building, the Wilmington and Beaches Convention & Visitors Bureau has agreed to pay an initial annual rental rate of $117,768.00, escalating annually thereafter; and,
WHEREAS, the initial term of the lease will be for a duration of ten years with the right to renew the lease for up to two (2) additional terms of five (5) years each; and,
WHEREAS, North Carolina General Statute §160A-274 authorizes the City to enter into a lease with another government unit subsequent to the Board’s adoption of such conveyance; and,
WHEREAS, the required notice has been published, and the City Council is convened in a regular meeting.
THEREFORE, BE IT RESOLVED:
THAT, the City Manager is hereby authorized to negotiate and execute a lease with the Wilmington and Beaches Convention & Visitors Bureau for the use of an approximately 4,089 square foot portion of the 4th floor of the Skyline Center at 929 N. Front St., for a total duration not to exceed twenty years.