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Home My WebLink AboutAgenda - 06-01-1999 - 8k�t ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: June 1, 1999 Action Agenda Item No. —R–k SUBJECT: Lease Renewal; Queue Corporation, 501 West Franklin Street, Suite 201 DEPARTMENT: Purchasing & Central Services PUBLIC HEARING: (Y /N) No ATTACHMENT(S): Lease Renewal INFORMATION CONTACT: Pam Jones extension 2652 TELEPHONE NUMBERS: Hillsborough 732 -8181 Chapel Hill 968 -4501 Durham 688 -7331 Mebane 336- 227 -2031 PURPOSE: To consider renewing a lease with Queue Corporation, 501 West Franklin Street, Suite 201, Chapel Hill. BACKGROUND: Queue Corporation has rented suite 201 at this location since 1997. The company is a computer firm whose business has been steadily growing since its 1997 inception. Their business is quickly exceeding the approximately 861 square feet leased at the 501 W. Franklin Street site. For this reason, Queue Corporation has requested only a 6 -month lease renewal, with a 6 -month extension so that they may seek larger quarters. Renewal terms recommended are as follows: • Monthly rent for the initial six -month renewal shall be $936 per month (approximately $13.04 per square foot), a 5% increase over present rent; • In the event Queue Corporation chooses to renew for a second six -month period, the rent shall remain $936 per month. • Taxes in lieu shall be assessed at $96 per month throughout the initial renewal. Should Queue Corporation choose to exercise their second six -month renewal, taxes in lieu would continue to be assessed at the $96 per month rate. • Queue Corporation will continue to pay utilities, cleaning and all interior maintenance of the leased premises as has been the case during the previous lease. FINANCIAL IMPACT: The County will receive $5,616 for the six -month renewal period and an equivalent amount should Queue Corporation choose to remain in the leased premises during the second six -month renewal period. The County would also receive their pro rata share of the $576 taxes in lieu collected for six -month renewal period and an equivalent amount should Queue choose to exercise their option to renew for the second six -month period. RECOMMENDATION(S): The Manager recommends that the Board approve the six -month lease renewal for Queue Corporation at 501 West Franklin Street Suite 201, Chapel Hill and authorize the chair to sign on behalf of the Board; and approve the second six -month option to renew and authorize the Manager to sign on behalf of the Board should Queue choose to exercise said option. STATE OF NORTH CAROLINA COUNTY OF ORANGE LEASE AGREEMENT RENEWAL THIS LEASE AGREEMENT RENEWAL made on the 1st day of June, 1999 by and between Queue, Corporation, 501 West Franklin Street, Suite 201, Chapel Hill, North Carolina, hereinafter referred to as Tenant and Orange County, a politic subdivision of the State of North Carolina, Post Office Box 8181, Hillsborough, North Carolina, hereinafter referred to as "County". WITNESSETH: WHEREAS, a lease agreement was made and entered into as of the 1st day of June, 1997, a copy of which is attached as Exhibit A, between the County and Tenant; WHEREAS, County and Tenant desire to renew the lease agreement and amend it; NOW THEREFORE, County and Tenant mutually agree to the following: Section 3 of Exhibit A shall be modified to read: (a) This lease renewal commence on July 1, 1999 and shall continue for a term of six months, which ends on January 31, 2000, both dates inclusive, unless sooner terminated as herein provided. (b) Tenant shall have an option to renew this lease for one additional renewal period of six months under the same terms and conditions thereof. The option to renew must be exercised by the Tenant on or before 60 days prior to expiration of the then existing term of the lease. 2. Section 2 (b) shall be modified to read: (b) The Tenant agrees to pay the County without demand at its office, or at such other place or places as County may from time to time designate in writing, the following rents and taxes for the aforementioned Premises for the term of this lease: Base rent: $936 per month; $5,516 semi - annually Taxes: $ 96 per month; $ 576 semi - annually, subject to requirements pursuant to Section 3(c) of Exhibit A. 3. All other terms and conditions of Exhibit A shall remain the same. This the day of 11999. Queue Corporation: By Orange County (Seal) By . (Seal) Alice M. Gordon, Chair Witness: Attest: Beverly A. Blythe, Clerk !I Board of County Commissioners NORTH CAROLINA ORANGE COUNTY Board of County Commissioner I, , a Notary Public for said County and State, certify that personally came before me this day and acknowledged that she is Clerk to the Board of Commissioners of Orange County, and that by authority duly given and as the act of Orange County, the foregoing instrument was signed in its name by Alice M. Gordon, Chair, sealed with its official seal, and attested by herself as its Clerk. Witness my hand and official seal, this the day of 11998. My commission expires: NORTH CAROLINA ORANGE COUNTY Notary Public I, , a Notary Public for said County and State, do hereby certify that , personally appeared before me this day and acknowledged the due execution of the foregoing instrument. Witness my hand and official seal, this the day of 01998. My commission expires: Notary Public 6 —/ -99 ,40f ORIGINAL. SIGNATURES STATE OF NORTH CAROLINA COPY _* ��3 COUNTY OF ORANGE LEASE AGREEMENIPffiiVEWA—` THIS LEASE AGREEMENT RENEWAL made on the 1st day of June, 1999 by and between Queue, Corporation, 501 West Franklin Street, Suite 201, Chapel Hill, North Carolina, hereinafter referred to as Tenant and Orange County, a politic subdivision of the State of North Carolina, Post Office Box 8181, Hillsborough, North Carolina, hereinafter referred to as "County ". WITNESSETH: WHEREAS, a lease agreement was made and entered into as of the 1 st day of June, 1997, a copy of which is attached as Exhibit A, between the County and Tenant; WHEREAS, County and Tenant desire to renew the lease agreement and amend it; NOW THEREFORE, County and Tenant mutually agree to the following: Section 3 of Exhibit A shall be modified to read: (a) This lease renewal commence on July 1, 1999 and shall continue for a term of six months, which ends on January 31, 2000, both dates inclusive, unless sooner terminated as herein provided. (b) Tenant shall have an option to renew this lease for one additional renewal period of six months under the same terms and conditions thereof. The option to renew must be exercised by the Tenant on or before 60 days prior to expiration of the then existing term of the lease. 2. Section 2 (b) shall be modified to read: (b) The Tenant agrees to pay the County without demand at its office, or at such other place or places as County may from time to time designate in writing, the following rents and taxes for the aforementioned Premises for the term of this lease: Base rent: $936 per month; $5,516 semi - annually Taxes: $ 96 per month; $ 576 semi - annually, subject to requirements pursuant to Section 3(c) of Exhibit A. 3. All other terms and conditions of Exhibit A shall remain the same. This the ~� r' day of \ y , 1999. Queue Corporation: Witness: By: / (Seal) / v t . CAAu V-t A�� . Orange County Atte By ryryn 'V (Seal) Alice M. Gordon, Chair Beverly A. Iflythe, Clerk Board of County Commissioners Board of County Commissioner NORTH CAROLINA ORANGE COUNTY , a Notary Public for said County and State, certify that _ „ A //Z personally came before me this day and acknowledged that she is Clerk to the B16ard of Ci6irrfiissioners of Orange County, and that by authority duly given and as the act of Orange County, the foregoing instrument was signed in its name by Alice M. Gordon, Chair, sealed with its official seal, and attested by herself as its Clerk. Witness my hand and official seal, this the � day of d '199,0. My commission expires: /D /3_ NORTH CAROLINA ORANGE COUNTY a� OFFICIAL SEAL Notary Public - North Carolina ORANGE COUNTY EVELYN M. CECIL 'nrrrimission Expires a Notary Public for said County and State, do hereby certify that personally appeared before me this day and acknowledged the due execution of the foregoing instrument. Witness my hand and official seal, this the / day of s , My commission expires: /0 �3' �� Notary Pub rc OFFICIAL SEAL Notary public - North Carolina ORANGE COUNTY EVELYN M. CECIL My Commission Expires