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Council approves five-year lease renewal with Kinetics
Summary
Mount Holly approved a five-year lease renewal with Kinetics, with first-year rent of $83,487.99 escalating annually to $92,155.12 in year five.
The Mount Holly City Council approved a five-year lease renewal with Kinetics after discussing terms previously at a retreat. City Manager Jason Blanton summarized the renewal: the first-year base rent is $83,487.99 and escalates annually to a fifth-year base rent of $92,155.12.
Councilwoman Shoemaker moved to accept the lease as presented; Councilman Meadows seconded. The motion passed unanimously.
The lease reflects council direction given in prior sessions; staff characterized the renewal as consistent with the terms the council had discussed at earlier retreats.
