Title
Lease of City-Owned Property at the Charlotte Transit Center to Lee Wesley Group, LLC
Action
Action:
A. Adopt a resolution approving a five-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 five-year lease with a five-year renewal term commencing November 1, 2020, and terminating (subject to the renewal term) on October 31, 2025,
* 3,948 square feet of retail,
* Rent to be $7,382.75 per month ($88,593 per year) for year one, escalating at a rate of 2.5 percent annually for each year thereafter, and
* The tenant would pay a share of common area maintenance costs.
* The five-year lease value is $465,673.94.
* Tenant will have one option to extend the Lease Term for an additional sixty months beginning on the day immediately following the date on which the Lease Term ends.
* 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 into ...
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