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Resolution Authorizing a New Lease on the First Floor of 115 N. 3rd Street to Beacon Bridge - Wilmington LLC
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Department: |
Economic Development |
Meeting Date: |
7/15/2025 |
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Contact Name: |
Aubrey Parsley |
Public Hearing: |
No |
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Contact Phone: |
910-200-8382 |
Advertising Date/Advertised By: |
6/13/2025 |
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Attachments: |
Attachment #1: Resolution |
PURPOSE:
The purpose of this resolution is to authorize the City Manager to lease approximately 813 square feet of space on the first (1st) floor of 115 N. 3rd Street to Beacon Bridge - Wilmington LLC.
BACKGROUND:
Attached for your consideration is a resolution authorizing the City Manager to execute a lease agreement with Beacon Bridge - Wilmington LLC, regarding space on the first (1st) floor of the 115 N. 3rd Street building. The lease includes approximately 813 square feet of space, which is currently vacant.
The high-level terms of the new full-service lease include a five (5) year and one (1) month initial term, one option for renewal for two (2) years, with an initial annual rent of $27,157.50, escalating annually thereafter.
The City acquired 115 N. 3rd Street prior to the acquisition of 929 N. Front Street (“Skyline Center”) to accommodate its future office space needs. The property at 115 N. 3rd Street is currently listed for lease and will ultimately be listed for sale. This proposed lease will serve to financially stabilize the property by off-setting its carrying costs for the duration the City holds it prior to its disposition and will also enhance the value the City receives for resale.
budget
BUDGET IMPACT:
The lease will generate approximately $22,600 in FY26.
recommendation
RECOMMENDATION / ACTION REQUESTED:
Passage of this resolution is recommended.