Title
Resolution Authorizing Lease of Real Property at 929 N. Front Street to Tova Wealth Management, LLC
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 10, 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 the Skyline Center; and,
WHEREAS, in consideration of leasing approximately 846 square feet of office space on the seventh floor of the building, Tova Wealth Management, LLC has agreed to pay an initial annual rental rate of $32,480, escalating annually thereafter; and,
WHEREAS, the initial term of the lease will be for a duration of five years with the right to renew the lease for one additional period of four years; and,
WHEREAS, North Carolina General Statutes §160A-272 authorizes the City to enter into leases of up to 10 years, upon resolution of the City Council, adopted at a regular meeting after 30 days public notice; 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 Tova Wealth Management, LLC for the use of an approximately 846 square foot portion of the 7th floor, for a total duration not to exceed ten years.