Board of Education
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IV.D.6.
 
Charlotte-Mecklenburg Board of Education
 
Agenda Item
 

Meeting Date
November 10, 2015

Agenda Item Title
Recommend Termination of Lease with Veritas Community School, Inc., for Villa Heights School Property Located at 800 Everett Place, Charlotte, North Carolina, 28205

Staff Present

​Ann Clark, Superintendent

Peggy Hey, Executive Director of Facilities Planning & Management



Main Points

​CMBE and Veritas Community School are parties to a lease for the Villa Heights School property pursuant to N.C.G.S. 115C-218.35.   Section 12.11 of the referenced parties’ lease provides that CMBE can terminate the lease when and if CMBE determines that it needs the Villa Heights property for CMBE school purposes with seven months’ notice (mid November, for a termination effective the next June 15).  Veritas is responsible for all upfit work, the design of such work to be reviewed and approved by CMBE staff in advance.  To the extent improvements that benefit CMBE are approved, CMBE will pay a pro-rata share of the cost of those improvements based on a 10-year amoritization schedule if CMBE terminates the lease prior to June 15, 2025. ​



Fiscal Implications
CMBE will be responsible for payment of an equitable pro rata share of any tenant improvements based on a 10-year amortization schedule estimated to be $328,582.80 (90% of the “Maximum Cost” of the “Tenant Required Improvements” as such terms are defined in the referenced Lease).

Agenda Item Type
consent items


Motion
Approve Termination of Lease with Veritas Community School, Inc. for Villa Heights School property located at 800 Everett Place, Charlotte, North Carolina, 28205.