Title
Lease of City-owned Property at the Charlotte Transit Center to Lee Wesley Group, LLC
Action
Action:
A. Adopt a resolution approving a two-year lease agreement between the City of Charlotte and Lee Wesley Group, LLC, operating as Burger King, for a retail space located at 310 E. Trade Street (tax parcel number 125-011-14), and
B. Authorize the City Manager to negotiate and execute all documents necessary to complete the transaction with Lee Wesley Group, LLC, operating as Burger King, at the Charlotte Transit Center.
Body
Staff Resource(s):
John Lewis, CATS
Allen C. Smith III, CATS
Explanation
§ The city uses the Charlotte Transit Center, located in Council District 1, as the main terminal and transfer point for Charlotte’s public transit system.
§ The leasable spaces provide opportunities for retail and business firms to offer goods and services to customers using the Charlotte Area Transit System.
§ Lee Wesley Group, LLC is a locally-owned business operating a Burger King fast-food restaurant.
§ The lease terms are:
- A two-year lease commencing April 1, 2020, and terminating March 31, 2022,
- 3,948 square feet of retail,
- Rent:
§ $7,382.72 per month ($88,593 per year) for year one,
§ $7,567.32 per month ($90,807.83 per year) for year two, and
§ Tenants pay a share of common area maintenance costs.
§ The two-year lease value is $179,400.83.
§ This transaction is consistent with the Council-adopted City-Owned Real Estate and Facilities Policy.
Charlotte Business INClusion
This is a real estate leasing and acquisition contract and is exempt (Part A: Appendix 1.27 of the Charlotte Business INClusion Policy).
Fiscal Note
Funding: Revenue from the lease will be deposited in the CATS Operating Budget.
Attachments
Attachment(s)
Resolution