Board of Education
Precis
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III.B.9.
 
Charlotte-Mecklenburg Board of Education
 
Agenda Item
 

Meeting Date
January 10, 2017

Agenda Item Title
Recommend Approval of Extension of Lease Term to Grier Heights Community Center, LLC (“Tenant”) for a Term of Fifteen (15) Years from Approval and Executed Documents for the Property at 3100 Leroy Street on the Campus of Billingsville Leadership Academy and Known as the Rosenwald School

Staff Present

​Peggy Hey, Executive Director of Facility Planning and Management



Main Points
  • ​Charlotte-Mecklenburg Board of Education proposes to renew the lease to Grier Heights Community Center, LLC.
  • There is an existing fifteen (15) year lease between The Charlotte Mecklenburg Board of Education and Grier Heights Community Center, LLC which commenced February 1, 2014 and would expire on January 31, 2029.  The revised term would run from approximately February 2017 through January 2032.
  • The tenant has satisfied its agreement to pay rent of $500,000 by investing in improvements to the building and now has requested that CMBE refresh the term of the Lease to begin a new fifteen (15) year term. 


Fiscal Implications
None. Tenant does not pay monthly rent but has completed its investment of $500,000 into the cost of improvements and pays operating costs for the Rosenwald School.

Agenda Item Type
consent items


Motion
Recommend approval to renew the lease to Grier Heights Community Center, LLC (“Tenant”) for a term of fifteen years from approval and executed documents for the property at 3100 Leroy Street on the campus of Billingsville Leadership Academy and known as the Rosenwald School. Said lease term to be from approximately February 2017 through January 2032.