HomeMy WebLinkAboutLETTER OF INTENT REF PEACH ORCHARD COMMONSLETTER OF INTENT
This document constitutes the basic agreement between Delta Peachtree, LLC and
Augusta, Georgia, for its Augusta Utilities Department and Tax Commissioner's Office,
and is not all inclusive, or all exclusive, of the terms that are agreed upon, or will be
agreed upon, by the parties in question. The complete terms of the agreement,
between said parties, will be set out in the Lease Agreement, which will be signed at a
later date.
Landlord: Delta Peachtree, LLC, a South Carolina Limited Liability
Corporation
Tenant: Augusta, Georgia
Property: 3451 Peach Orchard Road, at Rosier Road, Augusta, Georgia.
Site Plan attached as Exhibit A.
Premise: Approximately 17,500 square feet, as outlined in red on the
attached Exhibit B. Drive -thru facility for two lanes to be included.
Lease Term: 10 years
Rental Rate: $10.00 per square foot, which, presuming that the actual square
footage used is 17,500, would equate to $175,000 per year (17,500
sf x $10.00 per sf = $175,000), payable in advance monthly
installments of $14,584.34 per month.
Rental Increases: Rent will be increased annually by the greater of the Consumer
Price Index or 2.5 %.
Expenses:
Landlord: Roof and structural maintenance
Tenant: All other expenses, including pro -rata share of annual Real Estate
Taxes, Insurance Premiums and Common Area Maintenance
(CAM)
Lease For: Mutually agreeable Lease Agreement to be executed.
Improvements: The attached Exhibit B illustrates the expected Tenant layout and
improvements to the site and interiors of the building. These are
concept drawings to be detailed in final working plans and
specifications, which will be approved in writing by Tenant and
Landlord and become a part of the Lease document.
Costs: Landlord will cause improvements to performed and will pay costs
of such construction up to $875,000. Tenant will pay for any costs
over and above said sum.
Conditions
Precedent:
1. Approvals — Parties acknowledge that Augusta, Georgia will
require approval of this transaction by its legislative body, the
Augusta Commission. The Augusta Utilities Department and the
Tax Commissioners Office agree to pursue any needed approvals
in an expeditious and timely manner. If required approvals is not
received prior to the execution of the lease, the parties further
agree that this Letter of Intent is void without further responsibility
or liability of either party.
2. Lease — A proposed Lease Agreement, reflecting the terms of
this Letter of Intent, and all other agreements between the said
Targeted Time
Schedules:
parties, will be prepared by Landlord and submitted to Tenant, for
consideration promptly after the execution of this Letter of Intent.
The parties agree to work toward the following schedule of events,
for this transaction:
Letter of Intent Execution:
Lease Document:
Plans & Specifications:
Construction Start:
Construction Completion:
Occupancy:
Signed this S 7 tt day of -re ‘,": , 2013
Augusta- Richmond County Commission
BY:
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"g, . Clerk
David S. Copenhaver
As Its Mayor.--
February 8, 2013
February 25, 2013
March 30, 2013
April 30, 2013
August 15, 2013
September 1, 2013
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BY:
Witness:
homas L. Thomason
Manager
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December 18, 2012
Mr. Steven Kendrick
Tax Commissioner
530 Greene Street
Augusta, GA 30901
Dear Steven & Tom:
The Augusta - Richmond County Commission, at their regular meeting held on Tuesday, December 18, 2012
approved Augusta Utilities and Tag Office Peach Orchard Road Lease Proposal and Design Build RFQ. (Approved by
Engineering Services Committee December 10, 2012)
If you have any questions, please contact me.
Yours truly,
Frederick L. Russell
Administrator
1248 -12: #19
cc: Ms. Donna Williams
Office of the Administrator
Frederick L. Russell, Administrator
Tameka Allen, Deputy Administrator
William Shanahan, Deputy Administrator
Mr. Tom Wiedmeier
Utilities Director
360 Bay Street
Augusta, GA 30901
Room 801 - Municipal Building
530 Greene Street- AUGUSTA, GA. 30901
(706) 821 -2400 - FAX (706) 821 -2819
www.augustaga.gov
Memo
To: Lena Bonner, Clerk of Commission
From: Sandy Tyler, Augusta Utilities Department
Date: February 20, 2013
Re: Peach Orchard Commons
Lena -
Enclosed is the executed original of the Peach Orchard Commons Letter of Intent, for your
file.
Thank you,
Sandra K. Tyler
(706) 312 - 4143°`
s er• au_' sta. a.•.
cc: Kayla Coope ,
1
usta Law Dept.
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