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Resolution Authorizing the Lease of Real Property at 115 N. 3rd Street and 114 N. 2nd Street
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LEGISLATIVE INTENT/PURPOSE:
WHEREAS, City operations do not currently require the use of 115 N. 3rd Street and 114 N. 2nd Street; and,
WHEREAS, in consideration of leasing approximately 7,921 square feet of office space on the 5th floor of the building located at 115 N. 3rd Street and occupying 28 parking spaces on the 5th level of the parking deck at 114 N. 2nd Street, the United States General Services Administration has agreed to pay an initial annual rental rate of approximately $498,196, escalating at defined intervals 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 one additional period of five years; and,
WHEREAS, the lease would also require the City to make certain upfits to the leased property at both 115 N. 3rd Street and 114 N. 2nd Street prior to the GSA moving in to the spaces, as well as payment of other fees, as outlined in the attached cover letter and memo; and,
WHEREAS, although signature on the lease will legally bind the City to the monetary terms outlined in this resolution and the attached cover letter, no funds shall be expended until subsequent ordinances are brought to Council to appropriate that funding; and,
WHEREAS, N.C.G.S. ?160A-274 authorizes the City to enter into a lease with another government unit subsequent to City Council's adoption of such conveyance.
THEREFORE, BE IT RESOLVED:
THAT, the City Manager and City Attorney are hereby authorized to negotiate and execute a lease with the United States General Services Administration for the use of approximately 7,921 square feet of the 5th floor of 115 N. 3rd Street, and for use of 28 parking spaces located on the 5th level of the parking deck located at 114 N. 2nd Street for a total duration not to exceed fifteen years, and consistent with the terms outlined in this resolution and the att...
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