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The owner of 103 Laurel Avenue has expressed a desire to renew the lease with the <br />County under the following terms and conditions: <br />• Lease increases to $41,040 annualy, effective July 1, 1998 throughout the life of the <br />renewal (Total 5% increase for three year period); <br />• Lease renewal commences July 1, 1998 and terminates June 30, 2001; <br />• County will reimburse Owner for real estate taxes paid on the property. Property <br />taxes in 1997 were approximately $5,000. <br />• All other terms and conditions remain the same. <br />RECOMMENDATION: The Manager recommends that the Board approve the three <br />year lease renewal for property at 103 Laurel Avenue, Carrboro with terms and <br />conditions as cited; and authorize the Purchasing Director to finalize lease terms with <br />the State; and authorize the Chair to sign leases as appropriate to each action. <br />