Title
Lease of City-owned Property at the Charlotte Transportation Center
Action
Action:
Adopt a resolution approving a retail lease agreement with Wireless City Fashion, Inc. for the use of approximately 442 square feet of the Charlotte Transportation Center for a five-year term.
Staff Resource(s):
John Lewis, Charlotte Area Transit System
Mike Davis, Engineering and Property Management
Tony Korolos, Engineering and Property Management
Explanation
§ The Charlotte Transportation Center (CTC), located at 310 East Trade Street, is the main connecting transit hub within the Charlotte Area Transit System’s (CATS) public transit system.
§ The CTC includes retail space that provides services and amenities to riders and generates revenue to defray operating expenses incurred by CATS to operate the CTC.
§ On June 22, 2015, City Council approved a contract with NAI Southern Real Estate (NAI) to identify retail vendors and negotiate leases at the CTC.
§ Wireless City Fashion, Inc., a cellular phone retailer, is requesting to lease retail space in the CTC. NAI determined Wireless City Fashion, Inc. to be a suitable tenant.
§ The lease terms with Wireless City Fashion, LLC are:
- Term: Five years
- Rent: $3,267.23 per month ($39,206.76 per year) with 2.5 percent annual increases
- Premises: 316 square feet (Store) and 126 square feet (Kiosk Expansion) in the Brevard Street Pavilion
§ This lease is consistent with City Council’s City-Owned Real Estate and Facilities Policy, adopted on June 12, 2017.
Fiscal Note
Funding: Revenue from the lease will be deposited in the CATS Operating Budget.
Attachments
Attachment(s)
Map
Resolution