HomeMy WebLinkAboutRES-2023-056-Approval for Chapel Hill-Carrboro City Schools to Lease Space at 521 S Greensboro Street Sheryl-Mar building RES -2023 - 056 0 00 C � Ja3 Attachment 1
RESOLUTION
ORANGE COUNTY BOARD OF COMMISSIONERS
ORANGE COUNTY, NORTH CAROLINA
WHEREAS , the Chapel Hill- Carrboro City Schools Board of Education wishes to enter into
with Kerala Capital Partners , LLC for approximately 25 , 532 square feet of a lease for real property w
office space located at 521 South Greensboro Street, Carrboro , North Carolina pursuant to N . C . Gen .
Stat . § 115C - 530 ; and
WHEREAS , the lease will require the Board of Education to pay Kerala Capital Partners ,
LLC in approximate installments of $ 531 , 823 . 20 in the 2023 -24 fiscal year, $ 542 , 459 . 66 in the 2024 -
25 fiscal year, $ 553 , 308 . 86 in the 2025 -26 fiscal year, $ 564 , 375 . 03 in the 2026 -27 fiscal year, and
$ 575 , 662 . 54 in the 2027 -28 fiscal year ; and
WHEREAS , the lease is subject to the provisions of N . C . Gen. Stat . § § 115 C - 441 (c 1 ) and
115C - 530 , including the approval of the Orange County Board of Commissioners ;
NOW, THEREFORE , BE IT HEREBY RESOLVED , that the Orange County Board of
Commissioners approves the lease of real property between Chapel Hill- Carrboro City Schools and
Kerala Capital Partners , LLC , and understands that the Chapel Hill- Carrboro City Schools District
will use available funds from the School District ' s capital budget to meet the Kerala Capital Partners ,
LLC lease obligations , so long as the amount the Board of Education shall be obligated to pay under
that lease shall be generally equal to the amounts noted above . Said funds obligated by this lease for
fiscal years 2023 -24 , 2024 -25 , 2025 -26 , 2026 -27 , and 2027 -28 shall be budgeted by the Board of
Education for this purpose, and the Orange County Board of Commissioners shall not be obligated to
increase its annual appropriation to the Orange County Board of Education by the amount due under
the contract .
Adopted and resolved, this the �� day of September 2023 by the Orange County Board of
Commissioners .
JamQkiia RVdford ., Chair to
Or ge County Board of Commissioners
17 �i ••
Laura Jensen _
*CIla Clerk to the Board 1 `