CRA presents successor lease with The Well at 114 East Parker Street; lease includes limited event use and purchase option

Alex Langback of the city attorney's office summarized a proposed successor lease between the Community Redevelopment Agency (CRA) and WellDone Development for premises at 114 East Parker Street.

Langback said the CRA's original three-year lease (12/17/2021'12/31/2024) had expired and the tenant had remained on a month-to-month basis under the same terms. The new lease would commence April 1, 2025, and expire Dec. 31, 2027, with no automatic renewal. Base rent continues the prior structure: a first-year rate of $4.20 per square foot and a 2.5% annual increase thereafter. The tenant will be responsible for prorated property insurance premiums, property management and interior maintenance, and applicable property taxes; the CRA will remain responsible for structural repairs.

Langback told commissioners the new lease expands permitted uses slightly: instead of being exclusively office space for small-business and workforce development support, the premises may be used primarily for office activities while allowing occasional events as a limited-capacity event venue or meeting space so long as local laws and occupancy limits are followed. Staff said the occupancy limit for the building is 48 people.

The lease preserves exclusive use of 17 on-site parking spaces for the tenant; use of shared parking on other CRA properties would require separate agreements. The agreement includes a spelled-out offer-to-purchase provision: the tenant may submit a formal notice of intent to purchase during the lease term subject to a refundable $10,000 deposit that would be applied to the purchase price if the sale proceeds; the CRA will follow the statutory disposition and public-notice process and consider third-party offers. If a third-party offer is received, the tenant would have 30 days to match the offer; failure to close within 30 days would forfeit the right of first refusal for future transactions. The CRA reserves the right to reject any sale it determines is not in the public interest.

CRM manager Valerie Botts told commissioners the building and parking layout had required variance relief when constructed and that life-safety and fire-code capacity are considerations if event uses become more frequent. Commissioners questioned how “primarily” and “occasional” would be interpreted in practice; Langback said the primary use must remain office-related and that compliance would be monitored if event use appeared to become the dominant business model. The transcript shows discussion and clarifying questions but does not include a recorded vote; the lease was presented for consideration and staff indicated the item would proceed through the CRA/consent processes.