title
Resolution Authorizing the Lease of Real Property at 929 N. Front Street to Protocase USA, Inc.
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 Skyline Center; and,
WHEREAS, on August 20, 2024, City Council approved the lease of approximately 3,194 square feet of office space on the fourth floor of Skyline Center to Protocase USA, Inc. (“Protocase”), for an initial annual rent $93,771.00, for a duration not to exceed seven years; and,
WHEREAS, Protocase has since requested to lease additional space adjacent to the originally contemplated premises, and also desires to extend the overall duration of the lease; and,
WHEREAS, no lease has yet been executed between the parties; and,
WHEREAS, the updated terms of the lease now call for an initial term of five years with the right to renew the lease for one additional period of four years, as well as expanding the premises to a total of 5,153 square feet, for an initial annual rent of $108,171; and,
WHEREAS, N.C.G.S. §160A-272 authorizes the City to enter into leases of up to ten (10) years, upon a 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 5,153 square foot portion of the 4th floor of 929 N. Front Street, for a total duration not to exceed nine (9) years.