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2 <br /> school facilities. The Statute further specifies that operational leases with terms of three years (3) <br /> or more need to be approved by resolution by the Board of County Commissioners. <br /> The CHCCS Board of Education approved this lease agreement on August 17, 2023. Pursuant to <br /> §115C-530, the Board of Education is requesting that the Board of Orange County <br /> Commissioners approve a resolution (Attachment 1) approving the lease between the Kerala <br /> Capital Partners, LLC and the Chapel Hill-Carrboro City Schools District. The proposed lease will <br /> not be final until the BOCC has adopted and approved the resolution. <br /> FINANCIAL IMPACT: Funds are appropriated in the FY 2023-24 capital budget for lease <br /> expenditures. The remaining term of the contract will utilize Article 46, pay-as-you-go, and lottery <br /> funding within the district's capital budget and will be reflected in the FY 2025-35 Capital <br /> Investment Plan. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goals are associated <br /> with this item: <br /> GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY <br /> The creation and preservation of infrastructure, policies, programs and funding necessary <br /> for residents to provide shelter, food, clothing and medical care for themselves and their <br /> dependents. <br /> ENVIRONMENTAL IMPACT: There are no Orange County Environmental Responsibility Goal <br /> impacts associated with this item. <br /> RECOMMENDATION(S): The Manager recommends that the Board: <br /> 1. Approve the resolution (Attachment 1) for the Chapel Hill-Carrboro City Schools District <br /> to enter a lease agreement with Kerala Capital Partners, LLC for 23,532 square feet of <br /> space at 521 S. Greensboro Street, Carrboro, NC; and <br /> 2. Authorize the Chair to sign the resolution. <br />