NOTICE OF INTENT TO LEASE 414 E CABARRUS STREET, 416 E CABARRUS STREET, 504 S EAST STREET FOR AFFORDABLE RENTAL HOUSING Pursuant to G.S. 160A-278, at its regular meeting on June 16, 2026, the City Council of the City of Raleigh intends to consider for adoption a resolution authorizing the lease of land owned by the City and located at 414 E Cabarrus Street, 416 E Cabarrus Street, and 504 S East Street to Copernica Properties, LLC (d/b/a "Local Post") for the construction of an affordable residential rental development that will benefit low and moderate income households. The lease shall last for a term of no less than 75 years and up to 99 years at a rent of $10.00 per year. Description of properties to be leased: 414 E Cabarrus Street [PIN 1703868777] 0.10 acres 416 E Cabarrus Street [PIN 1703869727] 0.08 acres 504 S East Street [PIN 1703869711] 0.06 acres Totaling approximately 0.24 acres Value of the property: Estimated at $823,500 based on present tax valuation set by Wake County Tax Administration. If you have questions, please contact Pat Dawson, Redevelopment Supervisor, pat.dawson@raleighnc.gov or (919) 996-6951 IPL0345568 Jun 4 2026