SUBJECT
title
Authorizing the City Manager to execute a lease agreement between the City of Laredo and I35 Church for a property located at 1705 E Hillside, Laredo, Texas 78041, legally described as a building of approximately 15,483. Lease term shall be for five years commencing on April 1, 2025. Tenant is hereby granted two options to extend this lease for an additional five years per option upon mutual written agreement between parties. The monthly rent shall be $4,189.00 and will be adjusted annually according to changes in the Consumer Price Index (CPI); providing for severability; and providing for an effective date.
body
PREVIOUS COUNCIL ACTION
2021-O-252
BACKGROUND
On 12/06/2021 the Laredo City Council approved a lease agreement authorizing a lease between the City of Laredo and Iglesia Casa de Alabanza. Iglesia Casa de Alabanza has remained a tenant for the airport since the assignment of the lease. The tenant currently leases approximate 15,483 square feet of building space located at 1705 E Hillside.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends to approve this Introductory Ordinance.
end
Fiscal Impact
Fiscal Year: 2025
Budgeted Y/N?: Y
Source of Funds: Rent
Account #: 242-0000-361-1060
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
Monthly Rent: $4,189.00
Annual Rent: $50,268.00
Revenue will be allocated in the Building Rent account: 242-0000-361-1060