SUBJECT
title
An Ordinance authorizing the City Manager to execute a rental car agency concession and lease agreement with Avis Budget Car Rental dba Avis and Budget, for the approximate 165 square feet of office and counter space located in car rental space #2 and 19 parking spaces located at 5210 Bob Bullock Loop at the Laredo International Airport. Lease term is for three (3) years commencing on August 1, 2024, and ending on July 31, 2027. Minimum Annual Guarantee (MAG) shall be $178,905 and rent for leased space shall be $8,393.52 annually; providing for an effective date. There is no financial expenditure impact.
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PREVIOUS COUNCIL ACTION
N/A
BACKGROUND
Avis Budget Car Rental is a current tenant in good standing at the Laredo International Airport. Both the Airport and Avis wish to continue their operations at the passenger terminal by entering into a new concession and lease agreement.
The term is for the new lease is for three (3) years commencing on August 1, 2024, and ending on July 31, 2027, with one option to extend for an additional three years. Minimum Annual Guarantee (MAG) shall be $178,905 and rent for leased space shall be $8,393.52 annually.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends the approval of this ordinance.
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Fiscal Impact
Fiscal Year: 2024
Budgeted Y/N?: Y.
Source of Funds: N/A
Account #: 242-0000-361-3004
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
All commission revenue will be deposited into the respective department’s revenue Account# 242-0000-361-3004.