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Posted on: October 29, 2020

Notice of Intent to Lease

NOTICE OF INTENT TO LEASE

THE FORMER K&W RESTAURANT

TO

PERKINS CAFETERIAS, LLC

 

WHEREAS, Rowan County Board of Commissioners (the “County”) is authorized pursuant to the provisions of N.C.G.S. 160A-272 to lease County property to Perkins Management Company, Inc. (the “Lessee”) to open and operate a restaurant, which in turn will expand the tax base and employment within Rowan County; and

WHEREAS, the County is required to publish notice of its intent to enter into a lease more than thirty (30) days prior to considering the lease at a regular scheduled meeting; and 

            WHEREAS, the County has determined that the Lease is (1) made for fair market value under the circumstances, the same being: (i) five thousand and no/100 dollars ($5,000.00) plus two hundred fifty and no/100 dollars ($250.00) Common Area Maintenance (CAM) per month, (ii) an initial term of five (5) years with annual increases of 2.5% for rent and Cam amounts to be paid by Lessee to County, and (iii) possible options to extend for an additional four (4) years at then prevailing market rate at the time of the exercise of the option to extend, and (2) is in the best interest of the County to promote new development at West End Plaza.

This notice is intended to comply with the requirements of NCGS 160A-272 governing municipal and county leases of real property.

Posted this the 29th day of October, 2020.

                                                                                    John W. Dees, II

                                                                                    Rowan County Attorney         

                                                                                    

 To view or download a PDF version of this Notice visit:/DocumentCenter/View/24045

To view or download a PDF version of the Resolution Authorizing the Execution of a Lease visit:/DocumentCenter/View/24044



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