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Resolution Authorizing the City Manager to Execute a Lease Amendment with Tova Wealth Management, LLC, for a Portion of the Seventh Floor of 929 N. Front Street
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Department: |
Economic Development |
Meeting Date: |
2/18/2025 |
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Contact Name: |
Aubrey Parsley |
Public Hearing: |
No |
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Contact Phone: |
910-200-8382 |
Advertising Date/Advertised By: |
1/17/2025 |
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Attachments: |
Attachment #1: Resolution - Lease Amendment 4th Floor Skyline Center |
PURPOSE:
The purpose of this resolution is to authorize the City Manager to execute a lease amendment in the Skyline Center with Tova Wealth Management, LLC, to expand the leased premises and increase rent.
BACKGROUND:
Wilmington City Council authorized a lease with Tova Wealth Management, LLC (“Tenant”) on May 7, 2024, for an approximately 846 square foot portion of the 7th floor of 929 N. Front Street (“Skyline Center”), which carried a term of five (5) years, as well as an option to extend for an additional four (4) years beyond the initial term. The initial annual rent was $32,480 per year, escalating annually thereafter.
The Tenant desires to amend the lease to expand their premises to 1,279 square feet, which will carry an updated annual rent of $45,960. All other material terms of the lease would remain unchanged.
budget
BUDGET IMPACT:
The amendment will provide additional annual rent revenue to the City of $13,480.
recommendation
RECOMMENDATION / ACTION REQUESTED:
Passage of the resolution is recommended.