TO: Mayor and Members of City Council
THRU: Timothy L. Bryant, CEO/General Manager
Fayetteville Public Works Commission
FROM: Fayetteville Public Works Commission
DATE: January 22, 2024
RE:
Title
PWC - Lease of Suite 301 of R.C. Williams Building
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
High Quality Built Environment
Executive Summary:
The Fayetteville Public Works Commission (PWC) negotiated a new lease with Movement Mortgage, LLC. for Suite 301 of the R.C. Williams Building for an annual rent of $49,588.00 with an escalation of 3% yearly.
Background:
The Fayetteville Public Works Commission (PWC), during its meeting on January 10, 2024, approved the lease of Suite 301 of the R.C. Williams Building to Movement Mortgage, LLC. (“Lessee”). The initial term of the lease is 3 years. Lessee has agreed to an annual rent rate of $49,588.00 with an escalation of 3% yearly.
Issues/Analysis:
PWC provided public notice of the lease in the Fayetteville Observer on December 10, 2023.
Budget Impact:
N/A
Options:
Lessee has the option to renew the lease for an additional three (3) year term with a 90-day written notice to the Landlord. The base rental rate shall increase 3% each year beginning at the commencement of the option period.
Recommended Action:
The Fayetteville Public Works Commission recommends the Fayetteville City Council approve the lease with Lessee.
Attachments:
Proposed Lease with Movement Mortgage, LLC.