Title
Lease of City-owned Property at the Charlotte Transportation Center
Action
Action:
A. Adopt a resolution to approve a lease agreement with 49rs Bodega, LLC, dba The Bodega, with a 61-month term for retail space in the Charlotte Transportation Center, and
B. Authorize the City Manager, or his designee, to negotiate and execute all documents necessary to complete the transaction.
Body
Staff Resource(s):
Brent Cagle, CATS
Kelly Goforth, CATS
Lori Lencheski, CATS
Explanation
§ The Charlotte Transportation Center (CTC), located in District 1, is the main terminal and transfer point for Charlotte’s public transit system.
§ The leasable spaces within the CTC provide opportunities for retail and businesses to offer goods and services to customers using the Charlotte Area Transit System.
§ 49rs Bodega, LLC., doing business as The Bodega, would operate a convenience store/grocery product at the CTC.
§ The terms of the lease agreement are as follows:
- Approximately 930 square feet, Suite B150;
- 61-month term with no renewal options;
- Lease amount of $3,200 per month ($38,400 annually) for year one, escalating at a rate of three percent annually for each year thereafter. This rate is consistent with market rates.
§ Tenant agrees and understands that future transit-related development may result in the early termination of the lease, with a 90-day written notice from the city.
Charlotte Business INClusion
This contract is exempt under the CBI Program.
Fiscal Note
Funding: Revenues from the lease will be deposited in the CATS Operating Budget
Attachments
Attachment(s)
Resolution