Title
Lease at the Charlotte Transportation Center
Action
Action:
A. Adopt a resolution approving a five-year lease agreement with Golden Meal, Inc. for restaurant space at the Charlotte Transportation Center, and
B. Authorize the City Manager, or his designee, to execute all necessary agreements and documents to complete this transaction.
Body
Staff Resource(s):
John Lewis, CATS
Allen C. Smith III, CATS
Explanation
§ The city uses the Charlotte Transit Center (CTC), 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.
§ Golden Meal, Inc. would like to lease restaurant space at the CTC to operate its US Fried Chicken restaurant.
§ The terms of the lease agreement are as follows:
- Approximately 632 square feet of restaurant space in Suite A150 located in the CTC;
- Five-year term;
- Base rent of $3,000 per month ($36,000 per year) for year one, escalating at a rate of 3 percent annually for each year thereafter. This rate is consistent with market rates; and
- Tenant agrees and understands that future transit-related development may result in the early termination of the lease.
Fiscal Note
Funding: Revenue from the lease will be deposited in the CATS Operating Budget.
Attachments
Attachment(s)
Resolution