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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />Action Agenda <br />Item No. t-.•f <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January 19, 1999 <br />SUBJECT: Lease Agreement renewal; Coldwell Banker, 501 W. Franklin Street <br />DEPARTMENT: PURCHASING AND Public Hearing: No <br />CENTRAL SERVICES Budget Amendment Reqd? No <br />ATTACHMENT(S): <br />Lease Agreement Renewal <br />INFORMATION CONTACT: <br />PAM JONES, ext. 2650 <br />Telephone Number- <br />Hillsborough 732-8181 <br />Chapel Hill 967-9251 <br />Mebane 227-2031 <br />Durham 688-7331 <br />PURPOSE: To acknowledge the lease agreement renewal and to approve the lease <br />renewal amount. <br />BACKGROUND: The County purchased the property at 501 W. Franklin Street Chapel <br />Hill in July, 1996. The lease existing at the time of purchase between the owners of the <br />property and Coldwell Banker for Suite 100 included athree-year option to renew. The <br />lease was maintained by the County upon our purchase of the property. <br />Coldwell Banker has opted to exercise their three-year renewal. The renewal reflects <br />the same terms and conditions of the existing lease, with the exception of the following: <br />- New term shall commence March 1, 1999 and terminate February 28, 2002; and <br />Rental for the renewal term shall be $160, 215, which includes a 2.5% increase for <br />years two and three of the renewal period; and <br />Notice requirements are modified to reflect the County as owner of the property. <br />Since the existing terms and conditions also govern the renewal, no taxes in lieu will be <br />assessed. <br />RECOMMENDATION: The Manager recommends that the Board acknowledge the <br />option to renew by Coldwell Banker Realty Center and approve the renewal term rent <br />amount of $160,215; and authorize the Chair to sign on behalf of the Board. <br />