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File #: 18-4674    Version: 1 Name: Government District Parking Deck – Retail Tenant Lease
Type: Consent Status: Consent
File created: 4/24/2018 In control: Asset/Facility Management
On agenda: 5/1/2018 Final action:
Title: : Retail Tenant Lease - Government District Parking Deck
Attachments: 1. Resolution of Intent.pdf, 2. 18-4599 Notice of Intent .pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Title:
Retail Tenant Lease - Government District Parking Deck

Summary
ACTION:
Adopt an amended resolution titled “Mecklenburg County Board of Commissioners Resolution Declaring Intent to Lease Property to John and Hresanthe Georgopoulos, Owners of Little Village Grill”

Staff Contact: Jennifer Morell, Asset & Facility Management

Presentation: No

BACKGROUND/JUSTIFICATION:
The original resolution was approved on April 3, 2018. The resolution stated the Board's intent to approve the proposed lease arrangement at the Board's May 15th meeting, but because of a change in publication requirements, the meeting date changed from May 15th to June 5th. The Board is being asked to adopt an amended resolution to reflect this change.

The County has secured a prospective tenant for one of the retail suites attached to the Government District Parking Deck at Fourth & McDowell Streets. John and Hresanthe Georgopoulos, owners of Little Village Grill, have submitted a proposal to lease Suite A. The County’s Asset and Facility Management Department, as well as Colliers International LLC, the real estate firm secured by the County to obtain tenants for the parking deck, are in agreement with the proposed terms.

The County Manager will negotiate a lease consistent with the following business terms:

Little Village Grill

Location - 901 E. 4th Street, Suite A

Total Square Footage - 1,457 SF

Lease Term - Five (5) years & Six (6) Months

Option to Renew - One extension option: Four (4) years and one hundred and seventy-nine (179) days

Base Lease Rate - $20.00 per sq. ft. (29,140/yr.)

Annual Increases - Years 2 - 5.5: 3% annually; Option Years: 3% annually

Revenue (Years 1-5) -

Year 1 (Months 1-6) $0.00
Year 1 (Months 7-12) $20.00/SF $2,428/month
Year 2 (Months 13-24) $20.60/SF
Year 3 (Months 25-36) $21.22/SF
Year 4 (Months 37-48) $21.85/SF
Year 5 (Months 49-60) $22.51/SF
Year 6 (Months 61-66) $23.19/SF

Insurance - Tenant is required t...

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