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Resolution Authorizing Lease of Real Property at the Skyline Center to GPM Southeast, LLC
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Department: |
Economic Development |
Meeting Date: |
9/9/2025 |
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Contact Name: |
Aubrey Parsley |
Public Hearing: |
No |
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Contact Phone: |
910-200-8382 |
Advertising Date/Advertised By: |
8/8/2025 / Star News |
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Attachments: |
Attachment #1: Resolution |
PURPOSE:
The purpose of this resolution is to authorize the City Manager to enter into a new lease for space on the seventh floor of 929 N. Front Street (“Skyline Center”) to GPM Southeast, LLC (“Tenant”) for a period not to exceed ten years.
BACKGROUND:
Attached for your consideration is a resolution authorizing the City Manager to execute a new lease agreement for space on the 7th floor of the Skyline Center. The premises included in the lease consist of approximately 3,743 square feet of office space. City staff has been in discussion with the Tenant to reach a mutually agreeable lease, which consists of an initial term of three (3) years, along with two options to renew for an additional two (2) years each. The initial annual rent will be $133,280 and will increase annually thereafter. The City will incur two primary expenses associated with this lease – 1) leasing commissions in the amount of approximately $16,000 and 2) construction costs for demising the suite estimated to be approximately $40,000. This resolution is presented without an accompanying ordinance since no additional funding is required to fund these expenses beyond what is already available in the budget.
budget
BUDGET IMPACT:
This lease, if approved will result in approximately $133,000 in annual revenue to the City.
recommendation
RECOMMENDATION / ACTION REQUESTED:
Passage of the resolution is recommended.