Finance Committee approves city manager lease for third‑floor space with Navigate Wealth; one abstention

The Homewood Finance Committee on Aug. 4 approved authorization for the city manager to sign a five‑year lease with Navigate Wealth Management for approximately 3,720 square feet of third‑floor office space.

The committee voted to authorize the city manager to execute the lease so the item can proceed to the full council. The motion passed 3–0–1, with one abstention.

Why it matters: approving the lease allows the city to finalize occupancy of the formerly Alabama Power‑leased space and begins a multi‑year rental commitment that will affect monthly city revenue and building occupancy schedules.

According to staff, the initial rent will be $6,200 per month (about $74,400 annually) for a five‑year term, with tenant build‑out to be completed by the tenant under the lease provisions and an option for a three‑year renewal at a slightly higher rate. The committee discussion focused on finalizing the manager’s authority to sign the agreement and confirming the tenant’s build‑out plans.

Outcome and vote: Motion to approve the city manager signing the lease was made and seconded; the committee recorded a 3–0–1 vote in favor with Mr. Harden recorded as abstaining. The item will go to the full council meeting on Monday at 6 p.m. for final action.

Discussion vs. decision: the committee took formal action to approve authorization for the city manager to sign the lease; no other lease changes were made at the meeting.

Ending: The approval sends the lease to the full council for final consideration at the next council meeting.