Title
Solar Panel Ground Lease with Momentum, LLC
Action
Action:
A. Approve a ground lease agreement with Momentum, LLC, for solar panel installation and operation at the Statesville Avenue Landfill property (parcel identification number 077-181-01) with an initial term of 20 years and six months and four five-year renewal terms at an annual lease rate of $350 per acre, subject to 1.5% annual escalations, and
B. Adopt a resolution authorizing the City Manager to execute all necessary documents to complete the Agreement between the City of Charlotte and Momentum, LLC.
Body
Staff Resource(s):
Rob Phocas, City Manager's Office
Doug Pierotti, Engineering & Property Management
Amanda Byrum, Engineering & Property Management
Explanation
* The City owns approximately 155 acres of property (parcel identification number 077-181-01) on Statesville Avenue. The property is a former City landfill, no longer in operation.
* Momentum, LLC, proposes to install solar panels on an approximate 22-acre portion of the 155-acre site. The project is contingent upon site suitability studies conducting during a due diligence period under the lease agreement, as well as approval by Duke Energy and North Carolina Department of Environmental Quality (NCDEQ).
* There are currently several other proposed leases and uses for the landfill property, in addition to a portion of it designated as tree save. Momentum performed an analysis of the property to determine which areas would be best for solar panel installation and have located their proposed areas on that acreage, subject to further studies.
* The proposed lease with Momentum, LLC, includes the following terms:
* A due diligence period of one year in order to allow Momentum to make a determination of the suitability of the property for the solar panel installation, with an option to extend the due diligence period by an additional two years;
* A due diligence fee of $250 and a due diligence extension fee of $100 per acre;
*...
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