Title
Sublease of City-Leased Property at 8115 Eastland Yards Boulevard, Suite 106
Action
Action:
A. Adopt a resolution approving a sublease of city-leased property located at 8115 Eastland Yards Boulevard, Suite 106 with Alvaranga Realty LLC, and
B. Authorize the City Manager, or his designee, to negotiate and execute all documents necessary to complete the sublease of the property.
Body
Council Resource
James Mitchell, Committee Chair, Economic Development and Workforce
Staff Resource(s):
Shahid Rana, Economic Development
Todd DeLong, Economic Development
Explanation
* Alvaranga Realty LLC desires to lease 2,527 square feet in Suite 106 of the mixed-use development located at 8115 Eastland Yards Boulevard for the purposes of operating a salon suite business, consisting of rental of individual suites to licensed beauty and wellness professionals providing salon and personal care services, and for no other purpose.
* The city has authority to enter into this lease agreement under its Charter and NC General Statute Section 160A-272.
* The lease terms include:
* Five-year initial term;
* One, four-year renewal option; and
* Annual lease rate of $17 per square foot to be increased annually at a rate of three percent and 12 percent of gross sales exceeding a natural breakpoint of $357,992 in any year.
Background
* While updating City Council and the former Jobs and Economic Development Committee over the past several years, staff highlighted the city's commitment to building an equitable economy in East Charlotte. To advance this goal, the city executed a master lease of approximately 16,175 square feet of ground floor commercial space in the two mixed-use buildings development by Crosland Southeast (CSE).
* Small business support as part of the Eastland Yards redevelopment has been an integral component of the city's small business support strategy since November 2020.
* Recognizing that access to affordable commercial space is a major barrier for small ...
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