SUBJECT
title
An Ordinance authorizing the City Manager to execute an amendment to lease agreement between the City of Laredo, as lessor, and Laredo Aero Center DBA Signature Flight Support, as lessee, approved by Ordinance No. 95-O-156 dated August 8, 1995, and as amended by Ordinance No. 2008-O-031 amending Section 1.01, leases premises, to reduce from 92,192 square feet to 87,918 square feet located at 5203 Maher avenue at the Laredo International Airport. Additionally, amending Section 1.03 Rental Obligation, monthly rent shall be reduced from $10,449.89 to $9,965.43. All other terms and conditions remain unchanged and in effect; providing for an effective date. There is no financial expenditure impact.
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PREVIOUS COUNCIL ACTION
Ordinance No. 95-O-156
Ordinance No. 2008-O-031
BACKGROUND
Signature Flight Support is a current tenant in good standing. Tenant currently leases 92,192 square feet of land located at the Laredo International Airport for hangar space.
The tenant and the airport have agreed the current lease agreement by decreasing the property square footage from 92,192 square feet to 87,918 square feet, and there for decreasing the rent from $10,449.89 to $9,965.43. Said amendment is needed because the space being reduced will now be utilized as common space.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends the approval of this introductory ordinance.
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Fiscal Impact
Fiscal Year: 2024
Budgeted Y/N?: Y.
Source of Funds: N/A
Account #: 242-0000-361-1086
Change Order: Exceeds 25% Y/N: N.
FINANCIAL IMPACT:
There is no financial expenditure impact. Funds will be deposited in the Airport Fund account 242-0000-361-1086.