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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: |
4/1/2025 |
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Contact Name: |
Aubrey Parsley |
Public Hearing: |
No |
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Contact Phone: |
910-200-8382 |
Advertising Date/Advertised By: |
2/28/2025 |
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Attachments: |
Attachment #1: Resolution |
PURPOSE:
The purpose of this resolution is to authorize the City Manager to execute a lease amendment for a portion of space located on the 7th floor of 929 N. Front Street (“Skyline Center”) with Tova Wealth Management, LLC (“Tenant”), to expand the leased premises and increase rent.
BACKGROUND:
Wilmington City Council authorized a lease with the Tenant on May 7, 2024, for an approximately 846 square foot portion of the 7th floor of the 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 $43,285.88. Council approved a lease amendment on February 18, 2025, but unfortunately the rental amount was misstated, and a subsequent vote is required to reflect the appropriate rental amount. 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 approximately $10,800.
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RECOMMENDATION / ACTION REQUESTED:
Passage of the resolution is recommended.