§ 160A-272. Lease or rental of property. - North Carolina Statutes

§ 160A‑272.  Leaseor rental of property.

Any property owned by a city may be leased or rented for such terms andupon such conditions as the council may determine, but not for longer than 10years (except as otherwise provided herein) and only if the council determinesthat the property will not be needed by the city for the term of the lease. Indetermining the term of a proposed lease, periods that may be added to theoriginal term by options to renew or extend shall be included. Property may berented or leased only pursuant to a resolution of the council authorizing theexecution of the lease or rental agreement adopted at a regular council meetingupon 10 days' public notice. Notice shall be given by publication describingthe property to be leased or rented, stating the annual rental or leasepayments, and announcing the council's intent to authorize the lease or rentalat its next regular meeting.

No public notice need be given for resolutions authorizing leases orrentals for terms of one year or less, and the council may delegate to the citymanager or some other city administrative officer authority to lease or rentcity property for terms of one year or less. Leases for terms of more than 10years shall be treated as a sale of property and may be executed by followingany of the procedures authorized for sale of real property. (1971, c. 698, s. 1;  1979, 2nd Sess., c. 1247, s.26.)