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3 <br /> RES-2023-056 Attachment 1 <br /> RESOLUTION <br /> ORANGE COUNTY BOARD OF COMMISSIONERS <br /> ORANGE COUNTY,NORTH CAROLINA <br /> WHEREAS, the Chapel Hill-Carrboro City Schools Board of Education wishes to enter into <br /> a lease for real property with Kerala Capital Partners, LLC for approximately 25,532 square feet of <br /> office space located at 521 South Greensboro Street, Carrboro,North Carolina pursuant to N.C. Gen. <br /> Stat. § 115C-530; and <br /> WHEREAS, the lease will require the Board of Education to pay Kerala Capital Partners, <br /> LLC in approximate installments of$531,823.20 in the 2023-24 fiscal year, $542,459.66 in the 2024- <br /> 25 fiscal year, $553,308.86 in the 2025-26 fiscal year, $564,375.03 in the 2026-27 fiscal year, and <br /> $575,662.54 in the 2027-28 fiscal year; and <br /> WHEREAS, the lease is subject to the provisions of N.C. Gen. Stat. §§ 115C-441(cl) and <br /> 115C-530, including the approval of the Orange County Board of Commissioners; <br /> NOW, THEREFORE, BE IT HEREBY RESOLVED, that the Orange County Board of <br /> Commissioners approves the lease of real property between Chapel Hill-Carrboro City Schools and <br /> Kerala Capital Partners, LLC, and understands that the Chapel Hill-Carrboro City Schools District <br /> will use available funds from the School District's capital budget to meet the Kerala Capital Partners, <br /> LLC lease obligations, so long as the amount the Board of Education shall be obligated to pay under <br /> that lease shall be generally equal to the amounts noted above. Said funds obligated by this lease for <br /> fiscal years 2023-24, 2024-25, 2025-26, 2026-27, and 2027-28 shall be budgeted by the Board of <br /> Education for this purpose, and the Orange County Board of Commissioners shall not be obligated to <br /> increase its annual appropriation to the Orange County Board of Education by the amount due under <br /> the contract. <br /> Adopted and resolved, this the th day of September 2023 by the Orange County Board of <br /> Commissioners. <br /> Jamezetta Bedford, Chair <br /> Orange County Board of Commissioners <br /> Laura Jensen <br /> Clerk to the Board <br />