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Finance committee approves city manager to execute Navigate Wealth lease for Third Floor offices
Summary
Committee approved a recommendation that the city manager sign a lease for approximately 3,720 square feet on the Third Floor with Navigate Wealth Management; committee will forward the item to the full council meeting for final action.
Homewood 'Finance committee voted to approve a lease recommendation Aug. 4 allowing the city manager to sign a lease with Navigate Wealth Management for roughly 3,720 square feet on the Third Floor of the municipal building; the item will go to the full council Monday for final consideration.
City staff said the initial rent is $6,200 per month (about $74,400 annually) for the initial lease term, with modest increases in renewal years. Committee members asked about tenant build-out; staff confirmed tenant improvements are underway. The space had previously been leased to Alabama Power, staff said.
Action: the committee approved the motion to authorize the city manager to sign the lease (committee vote recorded as 3-0 in committee) and sent the item to the council meeting for final approval. The motion to approve the manager signing the lease was moved and seconded in committee; recorded committee votes were in the affirmative.
Why it matters: The lease would return a currently leased municipal floor to taxable private tenancy and provide a predictable rental stream; the council will consider the final lease signing at its next meeting.
