SUBJECT
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Authorizing the City Manager to execute a lease agreement between the City of Laredo and the Laredo Little Theater for a property located at 4802 Thomas Avenue, constituting of approximately 5,801 square feet of building space. Lease term shall be for five (5) years commencing on the date of execution. Tenant is hereby granted two (2) options to extend this lease for an additional five (5) years per option upon mutual written agreement between both parties. The monthly rent shall be $900.00 and will be adjusted annually according to changes in the Consumer Price Index (CPI); providing for severability; and providing for an effective date.
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PREVIOUS COUNCIL ACTION
2010-O-090 dated 07/19/2010
BACKGROUND
The Laredo Little Theater is a nonprofit local organization, whose mission is to preserve, develop, and promote the arts and culture of Laredo and its surrounding communities. Laredo Little Theater has been a tenant for the Airport since 2010 and is in good standing.
Airport and Laredo Little Theater have agreed to execute a new lease agreement between City of Laredo and Laredo Little Theater in an effort to continue the theater’s mission. The lease term shall be for five (5) years commencing on the date of execution. Laredo Little Theater shall be granted two (2) options to extend this lease for an additional five (5) years per option, upon mutual written agreement between both parties. The monthly rent shall be $900.00 and will be adjusted annually according to changes in the Consumer Price Index (CPI).
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends to approve this introductory ordinance.
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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:
Revenue will be allocated to the Airport Building Rent account: 242-0000-361-1060.
Monthly Rent: $900.00.
Annual Rent: $10,800.00.