Title
Charlotte Department of Transportation Warehouse Lease
Action
Action:
A. Approve an amendment to the lease between the City of Charlotte and Waters Incorporated of Charlotte, as managing agent for WWD Associates, O’Hair Limited Partnership, Domar Corporation Inc., Crittendon Commodities LLC, and Waters Management LLC for a Charlotte Department of Transportation warehouse facility located at 4414 Monroe Road,
B. Adopt a resolution authorizing the application to the Local Government Commission for the approval of a three-year lease extension with Waters Incorporated of Charlotte, as managing agent for WWD Associates, O’Hair Limited Partnership, Domar Corporation Inc., Crittendon Commodities LLC, and Waters Management LLC for office and warehouse space located at 4414 Monroe Road,
C. Authorize the City Manager, or his designee, to execute any documents necessary to complete the lease amendment and to seek approval from the Local Government Commission for the lease amendment.
Body
Staff Resource(s):
Debbie Smith, Transportation
Bryan Tarlton, Transportation
Phil Reiger, General Services
Greg Crawford, General Services
Explanation
§ The Charlotte Department of Transportation (CDOT) leases a 7,000-square-foot warehouse facility at 4414 Monroe Road in Council District 5.
§ This warehouse is near CDOT’s operations facility at 3701 Craig Avenue and houses traffic signals and related hardware, wire and cable, pavement marking devices, roadway signs, and other bulky items requiring indoor storage.
§ The proposed lease terms are:
- A three-year lease period, with an expiration date of December 31, 2029;
- Base rent of $7.50 per square foot in year one, escalating $0.50 per year; and
- Additional estimated rent of $3.09 per square foot annually for taxes, insurance, and common area maintenance.
§ This transaction is consistent with the Council-adopted City-Owned Real Estate and Facilities Policy.
§ The total estimated spend for the three-year lease period is $232,890.
Fiscal Note
Funding: Transportation Operating Budget
Attachments
Attachment(s)
Resolution