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Resolution Authorizing the Lease of Real Property Located at 929 N. Front Street to Protocase, USA Inc.
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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 for City purposes at this time; and,
WHEREAS, in consideration of leasing approximately 3,194 square feet of office space on the fourth floor of the Skyline Center, Protocase USA, Inc. has agreed to pay an initial annual rental rate of $93,771.00, escalating annually thereafter; and,
WHEREAS, the initial term of the lease will be for a duration of three years, with the right to renew the lease for one additional period of four years; and,
WHEREAS, N.C.G.S. §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 Protocase USA, Inc. for the use of a 3,194 square foot portion of the 4th floor of 929 N. Front Street for a total duration of seven (7) years.