title
Resolution Authorizing a New Lease for the Fourth Floor of the Skyline Center to Black & Veatch Corporation
body
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Department: |
Economic Development |
Meeting Date: |
5/20/2025 |
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Contact Name: |
Aubrey Parsley |
Public Hearing: |
No |
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Contact Phone: |
910-200-8382 |
Advertising Date/Advertised By: |
4/20/2025 Star News |
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Attachments: |
Attachment #1: Resolution Authorizing Lease of Real Property |
PURPOSE:
The purpose of this resolution is to authorize the City Manager to enter a new lease for space on the fourth floor of 929 N. Front Street (“Skyline Center”) to Black & Veatch Corporation (“Tenant”) for a period of up to nine (9) years and two (2) months.
BACKGROUND:
Attached for your consideration is a resolution authorizing the City Manager to execute a new lease agreement for space on the 4th floor of the Skyline Center. The premises included in the lease consist of 2,021 square feet of space. City staff has been in discussion with the Tenant to reach a mutually agreeable lease, which consists of an initial term of five (5) years and two (2) months, along with one option to renew for an additional four (4) years. The initial annual rent will total $82,449.96 and will increase annually thereafter.
budget
BUDGET IMPACT:
Approximately $82,500 in annual revenue to the City will result from the lease.
recommendation
RECOMMENDATION / ACTION REQUESTED:
Passage of this resolution is recommended.