Title:
Decline Right of First Refusal - Charlotte-Mecklenburg Schools Lease Agreement - Midwood International & Cultural Center, LLC
Summary
ACTION:
Decline the County’s statutory right of first refusal for a five-year lease extension with subsequent automatic year to year renewals for up to five years after the initial lease extension term of the Charlotte-Mecklenburg Schools lease to Midwood International & Cultural Center, LLC
Staff Contact: Jacqueline McNeil, Asset and Facility Management
Presentation: No
BACKGROUND/JUSTIFICATION:
The Charlotte-Mecklenburg Board of Education proposes a five-year extension with an option for an additional five-year term of the current lease term to the Midwood International & Cultural Center, LLC for the property located at 1817 Central Avenue, known as the former Midwood School. The Property is identified as parcel number 09507803. The term extension of the current lease term was approved by the Board of Education on March 27, 2018.
There is an existing lease between the Charlotte Mecklenburg Board of Education (“Landlord”) and Midwood International & Cultural Center (“Tenant”) that is dated as of November 20, 2012 and expires June 15, 2018. Tenant requests that the Charlotte-Mecklenburg Board of Education extend the current term of the Lease by an additional five years with an additional option of subsequent automatic year to year renewals for up to five years after the initial lease extension term. In addition, the parties have agreed to other modifications of the lease terms as identified below.
North Carolina General Statute (NCGS) 115C-518(a) requires local school boards of education to give local boards of county commissioners the first opportunity to acquire any school owned real estate that is proposed for disposal. To comply with this statute, CMS must offer the above lease space to the County prior to entering into a lease agreement with Midwood International & Cultural Center. The BOCC previously ...
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