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Council authorizes five-year extension of Golden Belt lease, approves optional extension
Summary
Durham City Council authorized the city manager to execute a fourth amendment extending the lease at Golden Belt Building 2 (Suite 300) for five years — a total of $2,208,440 over that term — and approved an optional additional five-year extension in the amount of $2,776,634; motions passed unanimously following brief public comment asking about ownership and past city investments.
Durham City Council on March 1 voted unanimously to authorize the city manager to execute a fourth amendment extending the existing lease with LRC GB LLC for office space at Building 2, Suite 300 of the Golden Belt complex (807 East Main Street). The lease-extension authorization cites a total not-to-exceed amount of $2,208,440 for the five-year term.
Council then authorized an option for a further five-year extension in the amount of $2,776,634 and approved a motion allowing the city manager to execute related documents and amendments; both measures passed unanimously.
Public comments focused on property ownership and past city-funded renovations. Jackie Wagstaff asked whether Scientific Properties (associated in public comment with Dr. Rothschild) still owns the Golden Belt property and whether previous city investments helped finance private renovation to the landlord’s benefit. Victoria Peterson echoed concerns about earlier redevelopment commitments and asked staff how city funds had been used for nearby properties.
Staff clarification: Council member Baker and staff clarified that the $2,208,440 figure referenced in staff materials is the total lease obligation over the five-year extension (roughly $300,000–$400,000 per year), with an optional five-year extension priced separately. Staff promised to follow up with specific answers to speakers’ questions before they left the meeting if available and to ensure written responses are documented.
Outcome: Motions to authorize the lease amendment, to authorize the optional extension, and to permit execution of necessary related documents each passed on unanimous votes. Council instructed staff to respond to the public’s questions regarding ownership and historical city investments tied to the property.
