SUBJECT
title
Authorizing the City Manager to execute a parcel development ground lease agreement between the City of Laredo and Gravity Jets, LLC, Fort Lauderdale, FL, on a 5,004.15 square foot +/- tract of land, legally described as a 5,004.15 square feet tract out of the South part of Block No. 1, Laredo International Airport Subdivision and as depicted in the attached Exhibit, for the purposes of constructing and developing a concrete fuel containment pad of a size required by applicable regulatory agencies. Lease includes one (1) option to extend for an additional nine (9) years. The monthly rent shall be $250.00, and shall be adjusted commencing on the first anniversary of the occupancy term effective date. Rent shall be adjusted on each successive anniversary thereafter by the percentage change in the consumer price index (CPI); providing for severability; and providing for an effective date.
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PREVIOUS COUNCIL ACTION
Ordinance No. 2024-O-187, September 16, 2024
BACKGROUND
The Laredo International Airport has entered into a parcel development ground lease agreement with Gravity Jets, LLC, is a limited liability corporation, for the purposes of constructing and developing a Fixed Based Operator (FBO) Facility at the Laredo International Airport.
This Fuel Pad lease will provide Gravity Jets the adequate space in the appropriate location for constructing, developing, and maintaining a concrete fuel pad lease for the operation of their FBO.
The Laredo International Airport is in support of the development of said project. If approved, this project will attract more aircrafts to the Laredo International Airport and will also create new jobs, leading to the stimulation of our economy.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends the approval of this introductory Ordinance.
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Fiscal Impact
Fiscal Year: 2025
Budgeted Y/N?: Click or tap here to enter text.
Source of Funds: Aeronautical Land Rent...
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