TITLE: Title
Consider Option to Lease Parking at 300 East Main Street Parking Deck
PURPOSE: The purpose of this agenda item is for the Board to consider entering into an lease option with Main Street Partners to lease parking in the parking deck at 300 East Main
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DEPARTMENT: Economic and Community Development
CONTACT INFORMATION: Annette Stone, AICP Economic and Community Development Director (919) 918 7319
INFORMATION: This is an option for the Town to extend a lease agreement with Main Street Partners for a 3 year period on or before February 19, 2018 prior to August 2018, which is when the current lease agreement expires. The agreement has the town leasing the same number of spaces currently leased with the same payment of $90,000 annually, until the issuance of the CO for the second hotel at which time the annual payment goes up to $120,000.00. In addition, the town has the option to exercise up to eight (8) calendar days a year that the deck can be used during Town events without time constraints on the spaces.
FISCAL & STAFF IMPACT: The lease cost the town $45,000 annually, the other $45,000 is paid by the TDA.
RECOMMENDATION:r Staff recommends the Board consider the resolution authorizing the Town Manager to execute the option to extend lease agreement.