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in REAL ESTATE DEVELOPMENT • INVESTMENT • BROKERAGE • MANAGEMENT <br />HARRIS MORRISON CO. LLC <br />J. Harris Morrison III, CCIM, MSRED <br />May 21, 2010 <br />Mr. John Day <br />Mr. Mike Downs <br />Cabarrus County Management <br />65 Church Street SE <br />P.O. Box 707 <br />Concord, NC 28026 -0707 <br />Re: Lease Proposal - The Old Creamery <br />Dear John and Mike, <br />We are delighted to present the following lease proposal on behalf of our client, The Creamery Concord, <br />LLC. The proposal focuses on the +/- 10,000 SF Creamery building at The Old Creamery for the Board <br />of Elections. It outlines the financial terms and other advantages to the County. In light of budget <br />constraints and sustainability issues, this property offers a compelling solution to taxpayers, voting <br />citizens, and government officials. We have chosen not to propose space for other departments because <br />those needs are not as critical as those of the Board of Elections; however, the Coke building at The Old <br />Creamery has room to accommodate all those needs. <br />Through our conversations with the Board of Elections, we understand the space needs, the security <br />needs, and the location needs of this department. We also understand the role of the County to deploy its <br />capital efficiently and to promote smart - growth. The Cremneq is simply the best solution. It is priced <br />very aggressively, and it offers the crucial advantages of accessibility, building efficiency, sustainability <br />and economic stimulus. <br />Lease Terms <br />We are proposing a five (5) year lease of the 10,000 SF Creamery Building (Premises) at The Old <br />Creamery. A preliminary floor plan is illustrated in Exhibit A. The annual rent for the first year will be <br />$98,500 ($8,208.33 per month) and will increase by 3% each year. (Through our planning and design, we <br />are able to optimize the space requirements in 10,000 SF rather than 12,000 SF, thereby reducing the total <br />monthly rental amount.) All property taxes, property insurance, and common area maintenance are <br />included in this amount. There are no additional charges or fees due to the landlord. The following chart <br />describes Year One rent in greater detail. <br />Year I Base Rent <br />I Op erating Expenses <br />Total Rent <br />Annual Rent <br />I Monthly Rent <br />$7.50 / SF - NNN <br />$2.35 / SF <br />$9.85 / SF <br />$98,500 <br />1 $8,208.33 <br />Tenant will be responsible for maintaining the interior of the Premises, including regular maintenance of <br />the HVAC equipment. in addition, the Tenant will pay for its own separately metered utilities to the <br />267 Corban Avenue SW, Concord, NC 78925 • P.O. Box 145, Concord, NC 28026 <br />704.262.6314 Direct 704.792.2255 Fax harris@m bcompanies.com www.harrismorrisoncao�ipany.com <br />