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File #: 15-14625    Version: 1 Name:
Type: Business Item Status: Filed
File created: 11/10/2020 In control: City Council Business Meeting
On agenda: 1/4/2021 Final action: 1/4/2021
Title: Lease of City-owned Property at the Charlotte Transit Center to Lee Wesley Group, LLC
Attachments: 1. Map_Lease of city-owned Property at the Charlotte Transit Center at 310 E. Trade Street.pdf, 2. Burger King CTC Lease - Resolution (Jan 2021) legistar

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