Item:
Title
Renewal of Existing Lease Between Cato of North Carolina, LLC and Durham County at the Shoppes of Hope Valley, Suite 129 for an annual amount of $51,480.00
Body
Date of BOCC Meeting: September 23, 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 at the Shoppes at Hope Valley located at 3825 South Roxboro Street, Suite 129, for the period February 1, 2025 through January 31, 2027, in accordance with the terms and conditions as set forth in the Lease Agreement and Lease Renewal attached to this agenda item.
This renewal will continue Cato’s tenancy under the terms of the original lease as previously executed by the County’s predecessor-in-interest in the Shoppes at Hope Valley for a period of two years. This Tenant is seeking approval of this renewal early so that they may confidently purchase store inventory for the renewal period.
Alignment with Strategic Plan: The attached Lease Renewal supports Sustainable Infrastructure & Environment Plan for long-term use of County land, facilities, and equipment.
Resource Persons: Nancy Mitchell, Senior Real Estate Officer; Peri Manns, Deputy Director Engineering and Environmental Services; Jay Gibson, 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 at the Shoppes at Hope Valley located at 3825 South Roxboro Street, Suite 129, for the period February 1, 2025 through January 31, 2027.
Signature
County Manager: ____________________________