Title
Lease of City-Owned Property at University City Boulevard Parking Deck
Action
Action:
A. Adopt a resolution to approve a lease agreement with Greyhound Lines Inc. with a 63-month term for retail space in the University City Blvd Parking Deck and non-exclusive use of two bus bays,
B. Authorize the City Manager to renew the lease for up to two, 60-month terms, and
C. Authorize the City Manager to negotiate and execute all documents necessary to complete the transactions.
Body
Staff Resource(s):
Brent Cagle, CATS
Kelly Goforth, CATS
Lori Lencheski, CATS
Explanation
* The University City Blvd. (UCB) Parking Deck on the LYNX Blue Line Extension (BLE) in Council District 4 incorporates approximately 11,495 square feet of leasable space for office and retail, per the Transit Oriented Development Ordinance.
* The leasable spaces provide opportunities for retail and business firms to offer goods and services to customers using the BLE, along with walk-up customers from surrounding areas.
* Greyhound Lines Inc. (Greyhound) proposes using this space to provide intercity bus service.
* Greyhound is currently leasing city-owned property at 601 W. Trade St. but is required to vacate for future construction of the Charlotte Gateway Station. A new location is necessary for Greyhound to continue providing intercity bus service.
* The provision of light rail, local bus, and intercity bus services at this location will enhance transportation options for the community and CATS riders.
* The lease terms include:
* Premises: Approximately 2,472 square feet of retail space at UCB Parking Deck (Unit 215);
* Base Rent: $4,223 per month ($50,676 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 would pay a share of common area maintenance costs.
* Tenant is responsible for improvement costs related to upfit of the retail space, and costs related to capital improvements to ...
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