Title
Preferred Parking Lease in Uptown Charlotte
Action
Action:
A. Adopt a resolution approving a one-year lease agreement with Preferred Parking Service, LLC for a 0.72-acre portion of parcel identification number 073-151-10 and
B. Authorize the City Manager to execute all necessary agreements and other documents to complete and implement this transaction, and to renew the lease for up to two, one-year terms.
Body
Staff Resource(s):
John Lewis, CATS
Allen C. Smith III, CATS
Explanation
§ The city owns a 2.9-acre tract of land located in Charlotte, Mecklenburg County, North Carolina, identified as Parcel Identification Number 073-151-10, and also referred to as the “CGS Main Block” (the “Property”).
§ The city purchased the Property to further its Charlotte Gateway Station capital project.
§ On July 25, 2016, City Council approved a month-to-month lease with Preferred Parking Service, LLC for a portion of the Property.
§ During the period before construction begins on the CGS Main Block, Preferred Parking Service, LLC desires to continue leasing the 0.72-acre portion of the Property for the purpose of operating a commercial parking lot.
§ The terms of the Lease agreement are as follows:
- Premises is approximately 0.72 acres of the parcel located at 518 W. 4th Street or PID 073-151-10;
- Base Rent is $15,791 per month ($189,492 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
- Lessee agrees and understands that future transit-related development may result in the early termination of the lease.
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: CATS Operating Budget
Attachments
Attachment(s)
Resolution