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~. ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: June 29, 2000 Action Agenda Item No. SUBJECT: Lease Approval--501 W. Franklin Street, Suite 105 DEPARTMENT: Purchasing 8~ Central Services PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: Pam Jones, 245-2652 Lease TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 968-4501 Durham fi88-7331 Mebane 336-227-2031 PURPOSE: To consider leasing Suite 105 at 501 West Franklin Street, Chapel Hill, NC to Brokerage Resource, Inc. BACKGROUND: The previous tenant at 501 West Franklin Street Suite 105 vacated the property effective June 1, 2000. As the Board has previously suggested, County staff routinely checks any requests for space submitted by non-profit agencies when rental suites become available. One group from the housing community explored relocation to this approximately 1,000 square feet of space, but then declined, citing funding constraints. It is staff s understanding that this group is now looking at another smaller suite that is scheduled to become vacant in the near future. In order to maintain the income flow desired to offset the debt service payments for this space, staff has moved forward expeditiously to locate a new tenant. Brokerage Resources, Inc., a mortgage service and insurance firm, has expressed interest in leasing the suite under the following terms and conditions: • Lease term to commence July 1, 2000 through 12:00 midnight June 30, 2001; • Lease amount : $1,100.00 per month • Taxes-in-lieu of $100 per month. • Tenant is allowed to park on site as part of lease. Parking to be in common with other tenants; no dedicated spaces. • Tenant to pay all utilities; • Tenant to maintain building interior, including cleaning; • County will provide maintenance to the exterior of the building, parking lot, etc. FINANCIAL IMPACT: County shall receive $13,200 per year for the leased space.