Agenda - 04-16-1997 - 8e - Laserfiche WebLink

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1 ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No. 8—G ACTION AGENDA ITEM ABSTRACT Meeting Date: April 16, 1997 SUBJECT: LEASE APPROVAL; 112 NORTH CHURTON STREET DEPARTMENT: Purchasing and Public Hearing: No Central Services Budget Amendment Reqd? No ATTACHMENT(S): INFORMATION CONTACT: PAM JONES, ext. 2650 Lease Telephone Number- Hillsborough 732-8181 Chapel Hill 967-9251 Mebane 227-2031 Durham 688-7331 PURPOSE: To consider approving a lease for property at 112 N. Churton Street to be used as offices for the Clerk of Court. BACKGROUND: Pursuant to the Board's request, staff pursued further negotiations with Hillsborough Savings Bank regarding escalation of rent and compensation for the space to be used in the event their Disaster Recovery Plan were called into action. Hillsborough Savings Bank has agreed to the following as it respects these two matters: • An escalation of 2.5% per year for years two and three of the lease and for each year during the renewal term (consumer price index is currently around 2.8); • Payment at the then current lease rate for the square footage utilized for the bank function. Other lease terms generally remained the same as were presented during the April 1, 1997 meeting and are summarized as follows: • Square footage: 3,336 • Square foot lease rate: $15; • Rent April 1 through June 30, 1997: $10,259 and will be charged to existing funds. July 1, 1997 through June 30, 1998 rent: $50,040 and will be requested through the Manager's 1997-98 budget. • Term of lease: April 17, 1997 through June 30, 2000, approximately three (3) years and two and one-half months; with one (1) three (3) year renewal. • County provides utilities and janitorial services; • 15 parking spaces are included with the lease;