Item:
Title
Approval of Budget Ordinance Amendment No.24BCC00072 to Recognize $148,022.00 in Annual Rent Revenue for the County-Owned Property Located at 1510 E. Lawson Street, as well as Acknowledge the Lease Agreement Between Durham County and Absolutions, Inc. as Mandated in the Purchase and Sale Agreement
Body
Date of BOCC Meeting: January 22, 2024
Request for Board Action:
Agenda Text
The Board is requested to approve Budget Ordinance Amendment No.24BCC00072 recognizing $148,022.00 in rent revenue for the Durham County-owned property located at 1510 E. Lawson Street, as well as acknowledge the Lease Agreement between Durham County and Absolutions, Inc. as mandated in the Purchase and Sale Agreement.
On August 8, 2022, the Board approved the purchase of this 3.425-acre property located at the corner of E. Lawson Street and Bacon Street, contiguous to the west side of the Durham Technical Community College (DTCC) campus for the purpose of securing space for future expansion of DTCC. The settlement date of the purchase was December 6, 2023.
The property, which includes a 19,976 square foot warehouse, was purchased from Randal and Leslie Brame, and has been in operation as an operations and warehouse facility for many years. As the Seller will be developing a new facility on other land to accommodate their needs, the County agreed to lease the property back to the sellers for three years during the design and construction of the new facility. The rental rate was established based on the market rate as estimated by Maverick Partners, a local commercial real estate firm after analyzing comparable properties in the vicinity. The lease agreement permits the previous owner to remain on the property through November 30, 2026. The Tenant is responsible for all costs for utilities, maintenance and repairs. The lease agreement between Durham County and Absolutions, Inc., the business entity occupying the space, has been executed and became effective...
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