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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: December 2, 2002 <br />Action Agenda <br />Item No. `~- j <br />SUBJECT: Lease Approval -- 501 W. Franklin Street, Suite #105; And Authorization of <br />County Manager To Execute Potential Lease During Winter Break <br />DEPARTMENT: Purchasing and Central PUBLIC HEARING: (Y/N) No <br />Services <br />ATTACHMENT(S): <br />INFORMATION CONTACT: <br />Pam Jones, (919) 245-2652 <br />Lease/Terradotta.com TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To consider approving a lease with Terradotta.com, a software consulting firm, for <br />space at 501 W. Franklin Street commencing on December 3, 2002 through December 2, 2003; <br />and to consider authorizing the Manager to execute leases whose terms may be finalized <br />during the Board's winter break. <br />BACKGROUND: A software consulting firm, Terradotta.Com, has offered to lease a suite at <br />501 W. Franklin Street for a sum of $650 per month. The tenant would pay for all utilities, <br />cleaning and interior maintenance of the space. <br />As the Board is aware, the County is utilizing two suites at 501 W. Franklin Street to <br />accommodate the Adult Day Treatment program, temporarily displaced from the Whiffed <br />Building during the HVAC renovation. This action allows significant savings on space that <br />would otherwise have been rented for the program during the renovation and offsets any loss in <br />rental revenue from the suites. With the space requirements met on that front, it is possible for <br />the County to consider the request from Terradotta.com favorably. As mentioned in previous <br />abstracts, the rental market for office space has been depressed; however, the rent amount is <br />consistent with other offerings in the downtown area for similar space at this time. Future <br />negotiations for renewal of the lease, if any, would reflect the then market conditions at that <br />time. <br />There is one remaining un-rented suite at 501 W. Franklin Street. The upstairs suite has been <br />vacant for some time. However, there have been recent signs of interest. Should the interest <br />become a serious offer during the Board's winter break, it is recommended that the Manager be <br />authorized to execute the resulting lease. The terms and conditions would be consistent with <br />the lease attached to this abstract for Terradotta.com, including a similar lease rate. Should <br />