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2001 NS Purchasing - Terradotta.com Lease Status at 501 W. Franklin Street, Chapel Hill
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2001 NS Purchasing - Terradotta.com Lease Status at 501 W. Franklin Street, Chapel Hill
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Last modified
10/29/2012 11:54:06 AM
Creation date
10/24/2012 4:37:34 PM
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BOCC
Date
11/7/2001
Meeting Type
Regular Meeting
Document Type
Leases
Agenda Item
8q
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Agenda - 11-07-2001-8q
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\Board of County Commissioners\BOCC Agendas\2000's\2001\Agenda - 11-07-2001
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6 <br /> 3) The following table is intended to depict the various options and their corresponding financial <br /> impact: <br /> Estimated Suite S .Ft. Per Square Foot Cost Estimated Annual Rent <br /> Current: <br /> Coldwell Banker 382 $14.31 $54,707.1 <br /> Visitor's Bureau 1500 $9.38 $14,070.0 <br /> Current Annual revenue $68,777.1 <br /> Option I: Renew Coldwell Banker for 3 years.Assumes 3%annual COLA <br /> Coldwell Banker 382 $14.74 $56,348. <br /> Visitor's Bureau 1500 $9.38 $14,070.0 <br /> Annual Revenue Option 1 $70,418.3 <br /> Option 2:Visitor's Bureau takes Coldwell S ace <br /> Visitors Bureau 382 $12.50 $47,787.5 <br /> Re-rent Visitor's Bureaus ace 150 $14.00 $21,000.0 <br /> Minimum Annual Revenue Option II $68,787.5 <br /> Difference between Current Annual Revenue and Option 2 -$10.3 <br /> Maximum Difference between Option 1 to Option 2 $1,630. <br /> In the event HRR moved to Visitor's Bureaus ace,the rent from <br /> 110 S.Churton Street would be eliminated at a minimum savings of $63,012.0 <br /> Recommendations <br /> Based on my evaluation of the various options available to us, I would make the following <br /> recommendations to you and the Board: <br /> 1) Coldwell Banker. <br /> a) Give them written notice of our intent to non-renew their lease at February 28, 2002. <br /> b) Offer them an extension of the lease through May 31, 2002 if they need the additional <br /> time to upfit new space and relocate. <br /> 2) Visitor's Bureau. <br /> a) Approve the Visitor's Bureau request to occupy the current Coldwell Banker suite. <br /> b) Develop a lease for BOCC approval that establishes a $12.50/square foot rent amount, <br /> with a 3% annual escalation and they pay for upfit. This lease would be brought to the <br /> Board by the end of November. <br /> 3) Work with Human Rights and Relations regarding the pros and cons of relocating to 501 <br /> West Franklin Street. <br /> 4) In the absence of an acceptable solution for HRR at the 501 site, place the suite on the <br /> open market and request the property agent to begin seeking a tenant. <br /> In the interest of providing sufficient response time to Coldwell Banker, we need to decide the <br /> status of their lease extension within the next few weeks. To that end, I would request that the <br /> item be calenda red for the November 7 Board meeting. In the meantime, should you have <br /> questions or comments regarding this issue, I invite you to call me directly. Thanks, John. <br />
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