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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 the Skyline Center
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Department: |
Asset & Property Management |
Meeting Date: |
7/21/2026 |
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Contact Name: |
Courtney Salgado |
Public Hearing: |
No |
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Contact Phone: |
910-341-1008 |
Advertising Date/Advertised By: |
6/19/2026 - StarNews |
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Attachments: |
Attachment #1: Resolution |
PURPOSE:
The purpose of this resolution is to authorize the City Manager to negotiate and execute a lease amendment with Tova Wealth Management, LLC (“Tova”) for additional office space in the Skyline Center, resulting in increased rental revenue to the City.
BACKGROUND:
On May 7, 2024, Wilmington City Council approved a lease with Tova for approximately 846 square feet of office space on the seventh floor of the Skyline Center. The lease term was five (5) years with an option to extend for an additional four (4) years, and an initial annual rental rate of $32,480, escalating annually.
Since the initial lease approval, Council has authorized amendments increasing the leased premises to 1,279 square feet and establishing the current annual rental rate at $43,285.88, with all other material lease terms remaining unchanged.
Due to the Tova's ongoing business growth and need for additional office space, Tova has requested a further expansion of the leased premises.
Attached for your consideration is a resolution authorizing the City Manager to negotiate and execute a lease amendment with Tova to further expand the leased premises to approximately 1,987 square feet. The amendment would increase the annual rental rate to $65,491.52, subject to annual escalations, and maintain a total lease term not to exceed ten (10) years.
Pursuant to the City's brokerage agreement, the proposed lease expansion will result in an additional commission payment to Cape Fear Commercial, LLC equal to 3% of the gross aggregate rental associated with the expanded premises, totaling $3,747.36
budget
BUDGET IMPACT:
The additional annual rent revenue will be used to support the operations of the Skyline Center and capital needs.
recommendation
RECOMMENDATION / ACTION REQUESTED:
Passage of the attached resolution is recommended.