SUBJECT
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An ordinance authorizing the City Manager to execute a lease agreement between the City of Laredo, as lessor, and the Laredo Economic Development Corporation, as lessee, for the use of premises located at 616 Leal Street, Building No. 1007, at the Laredo International Airport, constituting 4,849 SQFT of building space on approximately 21,217 SQFT of land. Lease term shall be for a total of five (5) years, with three options to extend this leach with each option being an additional five years, commencing on October 1, 2025. Monthly rent shall be $4,200.00 and will be adjusted annually according to the terms of the lease.
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VIVA LAREDO PLAN ALIGNMENT
Alignment Rating:
Supporting goal(s)/policy(ies): Policy 4.16.2: The city supports new mixed-use development and redevelopment on and around airport land.
Summary of alignment: The authorization of this lease is aligned with the Viva Laredo Comprehensive plan’s Policy 4.16.2, as it supports the mixed-use development of properties on and around the airport, bringing value to the properties surrounding it.
PREVIOUS COUNCIL ACTION
Ordinance No. 90-O-019, 02/05/1990
Ordinance No. 2012-O-068, 05/07/2012
BACKGROUND
The Laredo Economic Development Corporation has been a tenant of the Airport since 1990 and has been in good standing. LEDC provides economic development services to the City and Airport
LEDC and the Airport have mutually agreed to enter into a new lease agreement. The new lease shall be for a total of five (5) years, with three options to extend this leach with each option being an additional five years, commencing on October 1, 2025. Monthly rent shall be $4,200.00 and will be adjusted annually according to the terms of the lease.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends the approval of this introductory ordinance.
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Fiscal Impact
Fiscal Year: 2026
Budgeted Y/N?: Y
Source of Funds: Building Rent
Account #: 242-0000-361-1060
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
Monthly: $4,200.00
Annually: $50,400.00
Revenue will be allocated to the Airport Building Rent account: 242-0000-361-1060.