title
Resolution Authorizing the City Manager to Execute a Lease Amendment with Protocase USA, Inc., for a Portion of the Fourth Floor at 929 N. Front Street
body
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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 with Protocase USA, Inc. to expand the leased premises at 929 N. Front Street (“Skyline Center”) and increase rent.
BACKGROUND:
On October 15, 2024, City Council authorized the City Manager to enter into a lease with Protocase USA, Inc. (“Tenant”) for use of approximately 5,153 square feet of space on the 4th floor of the Skyline Center. The lease carried an initial annual rent of $108,171 and an initial term of five (5) years, as well as one option to extend the term by an additional four (4) years. The Tenant desires to amend the lease to expand the premises to a total of approximately 5,932 square feet, and thus increase the initial annual rent to $122,907.96.
budget
BUDGET IMPACT:
The lease amendment will increase annual rent revenue to the City by $14,736.
recommendation
RECOMMENDATION / ACTION REQUESTED:
Passage of the resolution is recommended.