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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 1, 1999 <br />Action Agenda <br />Item No. A•~ <br />SUBJECT: Lease Renewal; Jim Lilley Properties, Inc. <br />DEPARTMENT: Purchasing & Central Services PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Lease Renewal Pam Jones, extension 2652 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To consider approving a lease renewal for Jim Lilley Properties, Inc. at 501 West Franklin <br />Street, Chapel Hill. <br />BACKGROUND: James Lilley Properties, desires to renew their lease for Suite #106. The suite <br />consists of approximately 552 square feet. Lilley operates a property management business from the <br />leased space. The term of the proposed lease is for one year at a rate of $735 per month <br />(approximately $15.97 per square foot), plus $67 per month for taxes in lieu. As the Board recalls, <br />taxes in lieu is paid for the equivalent amount of taxes that would be assessed against the property if it <br />were privately owned. Taxes are then distributed to the Town, County and school in accordance with <br />the formula under which normal tax distribution is made. The premise is that for profit businesses should <br />not benefit from the County's tax exempt status. The renewal is attached. <br />FINANCIAL IMPACT: The County will receive $8,820 for the leased space. <br />RECOMMENDATION: The Manager recommends that the Board approve a one year renewal lease <br />with Jim Lilley Properties for the period June 1, 1999 through May 31, 2000 under the terms and <br />conditions cited in the attached lease; and authorize the Chair to sign on behalf of the Board. <br />