Common Contracts
2 similar Ground Lease Agreement contracts
Subject: Ground Lease Agreement between CPGPI Regency Erwin and the City of DurhamGround Lease Agreement • March 27th, 2021
The purpose of this item is to enter into a lease agreement with CPGPI Regency Erwin, LLC for a surface parking lot on Ninth Street to provide public parking. The City has leased this parking lot from SEHED II, Ltd. since 1985 for an annual lease payment equal to the sum of the utility expense to light the parking lot and the City and County ad valorem taxes on the property (approximately $3,000 per year). This lease agreement was terminated in May 2012 and the property was sold. The current owner, CPGPI Regency Erwin, LLC (“Regency”) has agreed to lease the parking lot to the City for a term of 10 years commencing on March 1, 2014 at a monthly base rent rate of $6,875 for years 1 through 5 and $7,291.33 per month for years 6 through 10. The lease agreement allows the City to continue to make the lot available for public parking.
Subject: Ground Lease Agreement between CPGPI Regency Erwin and the City of DurhamGround Lease Agreement • October 18th, 2013
The purpose of this item is to enter into a lease agreement with CPGPI Regency Erwin, LLC for a surface parking lot on Ninth Street to provide public parking. The City has leased this parking lot from SEHED II, Ltd. since 1985 for an annual lease payment equal to the sum of the utility expense to light the parking lot and the City and County ad valorem taxes on the property (approximately $3,000 per year). This lease agreement was terminated in May 2012 and the property was sold. The current owner, CPGPI Regency Erwin, LLC (“Regency”) has agreed to lease the parking lot to the City for a term of 10 years commencing on March 1, 2014 at a monthly base rent rate of $6,875 for years 1 through 5 and $7,291.33 per month for years 6 through 10. The lease agreement allows the City to continue to make the lot available for public parking.
