TO: Mayor and Members of City Council
THRU: Evelyn O. Shaw, Chairwoman
Fayetteville Public Works Commission
FROM: Fayetteville Public Works Commission
DATE: October 9, 2017
RE:
Title
Approval of RC Williams Building Lease Terms for the Fayetteville Cumberland Economic Development Corporation (FCEDC)
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Diverse and Viable Economy
Executive Summary:
The Fayetteville Public Works Commission during their September 27, 2017, meeting agreed to accept a proposal, in the form of a Letter of Intent from the Fayetteville Cumberland Economic Development Corporation to lease a portion of the fourth floor of the RC Williams Building.
Background:
The Fayetteville Public Works Commission, during their September 27, 2017, meeting agreed to accept a proposal, in the form of a Letter of Intent, from the Fayetteville Cumberland Economic Development Corporation to lease a portion of the fourth floor of the RC Williams Building.
On July 17, 2017, the Fayetteville Cumberland Economic Development Corp (EDC) made a proposal to the Fayetteville Public Works Commission (PWC), via a Letter of Intent to lease approximately 4099 sq. ft. of the fourth floor of the RC Williams Building. The EDC has expressed that having a presence in Downtown Fayetteville and in particular the RC Williams Building is "The absolute best headquarters location from which to promote, highlight, and sell Fayetteville and our broader community." The EDC proposed in the Letter of Intent that PWC, in support of its economic development activities, agree to charge a lease rate below the current $16.00/sq. ft. market rate for that space. The EDC proposed a rate of $4.00/sq. ft. for the first year and $8.00/sq. ft. for years 2-5.
At its July 26, 2017 meeting, the Commission discussed the EDC proposal and within its authority under Chapter 6A of the City of Fayetteville Charter rejected the EDC proposal a...
Click here for full text