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February 13, 2008 <br />Mr. Turner A. Morrison, County Executive Director <br />Cabarrus - Mecklenburg Farm Service Agency. <br />U. S. Department of Agriculture <br />P. O. Box 547 <br />Concord, NC 28026 -0547 <br />Re: Office Lease <br />Dear Mr. Morrison: <br />It has come to our attention that Cabarrus County failed to adjust the monthly lease amount in <br />July 2007 for the Consumer Price Index as specified in the lease between the County and the <br />USDA dated June, 2006, According to the lease, the County would adjust the rate annually on <br />July 1 based on the December CPI of the prior year. Utilizing the Bureau of Labor Statistics web <br />site for the CPI, http : / /www,bls.gov /cpi /home.htm the December 2006 CPI was 2.5 %. Applying <br />2.5% to the base 2006 monthly rate of $2440, would indicate the rent beginning July 1, 2007, <br />should be $2501 per month. The enclosed invoice reflects the new rate, and the difference for <br />the past seven months is also being billed. <br />As you plan your budget for the upcoming year, please be aware that the December 2007 CPI is <br />4.1 %. Therefore, beginning July 2008, the rent will be $2603.54. <br />If you have questions or need further information, please feel free to call me at 704 - 920 -2883. <br />Sincerely, <br />Loretta A, Lee <br />Budget & Performance Manager <br />Enclosure <br />r C &1 V LSD Il f?h <br />Finance Department <br />P.O. Box 707 • Concord, North Carolina 28026 -0707 • 704- 920 -2104 - www.cabarruscounty.us <br />Finance Department <br />Cabar rusC®unty <br />The Geatrr of Amarlean Matouparts <br />Ho "AtMARSt number 1 <br />F -1 Page 51 <br />