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Board of Education
Precis
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II.C.1.
 
Charlotte-Mecklenburg Board of Education
 
Agenda Item
 

Meeting Date
January 24, 2017

Agenda Item Title
Recommend Approval of Lease Renewal of 100,000 Square Feet of Warehouse Space at 5401 Hovis Road, Charlotte, North Carolina for a Term of Five Years

Staff Present

Carol S. Stamper, Chief Operations Officer

Peggy Hey, Executive Director, Facilities Planning & Management



Main Points

​CMS has leased and used the space to operate a warehouse for storage and distribution of materials, including but not limited to curriculum and instruction since August 15, 2012 and the lease is due to expire on July 31, 2017.  The extension term would be a 5 year term beginning August 1, 2017 and expiring July 31, 2022.  The proposed base rental amount is $27,083.33 per month with a 3 percent annual increase.  ​



Fiscal Implications
Charlotte-Mecklenburg Schools will pay to landlord a total base rent of approximately $1,725,469 over the term of the lease, and its proportionate share of common area maintenance, real estate taxes and property insurance over 60 months.

Agenda Item Type
consent items


Motion
Recommend Approval by the Charlotte-Mecklenburg Board of Education to renew the lease of 100,000 square feet of warehouse space at 5401 Hovis Road, Charlotte, North Carolina for a term of five years.