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File #: 15-13969    Version: 1 Name:
Type: Consent Item Status: Agenda Ready
File created: 7/29/2020 In control: City Council Business Meeting
On agenda: 9/28/2020 Final action:
Title: Charlotte Department of Transportation Warehouse Lease
Attachments: 1. Map_Charlotte Department of Transportation Warehouse Lease.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideoAudio
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Title

Charlotte Department of Transportation Warehouse Lease

 

Action

Action:

A.                     Approve a lease between the City of Charlotte and Waters Incorporated of Charlotte, as managing agent for WWD Associates LLC, O’Hair Limited Partnership, Domar Corporation INC., Crittendon Commodities LLC, and Waters Management LLC, for warehouse space located at 4414 Monroe Road, tax parcel number 161-071-19, and

 

B.                     Authorize the City Manager to negotiate and execute all documents necessary to complete the transaction.

 

Body

Staff Resource(s):

Phil Reiger, General Services

Tony Korolos, General Services

Liz Babson, Transportation

 

Explanation

§                     The Charlotte Department of Transportation leases 7,000 square feet of warehouse space at 4414 Monroe Road in Council District 5.

§                     The facility houses traffic signals and related hardware, wire and cable, pavement marking devices, roadway signs, and other bulky items requiring indoor storage.

§                     The current lease will expire December 31, 2020.

§                     The proposed lease includes the following:

-                     Four-year lease commencing January 1, 2021, and terminating December 31, 2024;

-                     A base rent of $6.30 per square foot, or $44,100 annually; and

-                     Two, one-year renewal options, at a rate of $7.00 per square foot, or $48,999.96 annually.

§                     This transaction is consistent with the Council-adopted City-Owned Real Estate and Facilities Policy.

 

Fiscal Note

Funding: Transportation Operating Budget

 

Attachments

Attachment(s)

Map