Title
Piedmont Advantage Credit Union Lease
Action
Action:
Approve a five-year lease agreement with Piedmont Advantage Credit Union for a credit union branch at Charlotte Douglas International Airport.
Body
Staff Resource(s):
Brent Cagle, Aviation
Haley Gentry, Aviation
Explanation
§ The Aviation Department and American Airlines desire to renew the lease for the Piedmont Advantage Credit Union branch located in 945 square feet of office space in the Airport Terminal.
- Piedmont Advantage Credit Union has occupied this space since 1994.
§ Terms of the lease agreement include:
- Annual rental payments of $58,298.27,
- A five-year lease, and
- Two percent annual rent increase.
§ The total lease value over the five-year term is $302,298.27.
§ This activity is occurring on airport property, located in Council District 3.
Fiscal Note
Funding: Revenue will be deposited into Aviation’s Operating Budget