Agenda - 05-29-1997 - 4 - Laserfiche WebLink

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R t 1 ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No. ACTION AGENDA ITEM ABSTRACT Meeting Date: May 29, 1997 SUBJECT: Lease Approval; 501 West Franklin Street Suite 106 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 owned by the County at 501 West Franklin Street, Suite 106. BACKGROUND: In July, 1996 the County purchased property at 5011503 West Franklin Street. The 503 side of the building is to be used as the Skills Development Center. The 501 side of the building remained leased to private tenants. James Lilley Properties, desires to renew their lease for Suite #106. Mr. Lilley operates a property management business from the leased space. The term of the proposed lease is for two years at a rate of $655 per month during the first year, with a 3.5% increase during year two. The proposed lease is attached for your information. It should be noted that this lease provides for payment in lieu of taxes, which is consistent with the County's policy that tenants should be charged taxes where tenants are in a for-profit business and that the payments in lieu will include an amount equivalent to County taxes, municipal taxes, school and any other taxes which may legally be assessed against the property. RECOMMENDATION: The Manager recommends that the Board approve a two year lease with Jim Lilley Properties for the period .tune 1, 1997 through May 31, 1999 substantially under the terms and conditions cited in the attached lease; and authorize the Chair to sign on behalf of the Board.