Item:
Title
Approval to renew Existing Lease Between Cato of North Carolina, LLC and Durham County for the Shoppes at Hope Valley, Suite 129 in the amount of $51,480 per year
Body
Date of BOCC Meeting: January 22, 2024
Request for Board Action:
Agenda Text
The Board is requested to approve and authorize execution of a Lease Renewal with Cato of North Carolina, LLC to operate a retail enterprise in the Shoppes at Hope Valley located at 3825 South Roxboro Street, Suite 129, in accordance with the terms and conditions as set forth in the Lease Agreement and Lease Renewal attached to this agenda item. The proposed extended lease term is from February 1, 2023 to January 31, 2024. The renewal would continue and maintain the terms of the original lease as previously facilitated by the County’s predecessor-in-interest in the Shoppes at Hope Valley. The lease rate is $51,480 per year, plus Common Area Maintenance costs.
This Lease Renewal will maintain the positive community, economic, and property value interests of County citizens, Shoppes at Hope Valley co-Tenants, and County departments who are neighbors to the Tenant on the premises at the Shoppes at Hope Valley.
Alignment with Strategic Plan: The attached Lease Renewal supports Goal 1 “Community Empowerment and Enrichment,” and Goal 5 “Accountable, Efficient and Visionary Government.”
Resource Persons: Nancy Mitchell, Senior Real Estate Officer; Peri Manns, Deputy Director Engineering and Environmental Services.
County Manager’s Recommendation: The County Manager recommends that the Board approve and authorize execution of a Lease Renewal with Cato of North Carolina, LLC to operate a retail enterprise in the Shoppes at Hope Valley located at 3825 South Roxboro Street, Suite 129, in accordance with the terms and conditions as set forth in the Lease Agreement and Lease Renewal attached to this agenda item.
Signature
County Manager: ____________________________