SUBJECT
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Authorizing the City Manager to Amend the executed lease agreement between the Laredo Transit Management, Inc., "El Metro" (Lessor) and Laredo Insurance Services, LLC (Lessee) for the lease of office space in the Transit Center Lobby, for a monthly sum of $2,000.00 for the first year, with a three percent (3%) increase on year two (2) and three (3), for a term of one (1) three (3) year period with the option of two (2) one (1) year extensions.
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PREVIOUS COUNCIL ACTION
On February 18, 2025 this Board approved passage of this lease agreement.
BACKGROUND
Laredo Insurance Services, LLC is a Texas-based company that also operates under the assumed name of L.I.S. licensed by the Texas Department of Banking. The company’s main business activity is currency exchange of Unites States dollars, Mexican pesos, Euros and Canadian dollars. Clients of the company include business that operate in both sides of the border and have international interests, “paisanos”, or travelers to Mexico whom are daily commuters and tourists who visit the US. All transactions occur in person at one of our six (6) locations L.I.S has within the City of Laredo, listed below:
• Main Office: 5912 San Bernardo, Laredo TX 78041
• Farragut: 1419 Farragut St Laredo TX 78040
• Victoria: 619 Victoria St. Laredo TX 78040
• Penitas: 645 Rancho Penitas, Laredo TX 78045
• Minas: 11801 FM 1472, Laredo, TX 78041
• Zaragoza: 1301 Zaragoza, Laredo TX 78040
• Zapata: 3911 Jaime Zapata HWY 78046
• DX: 8208 TX-255, Laredo, TX 78045
COMMITTEE RECOMMENDATION
None.
STAFF RECOMMENDATION
recommendation
Staff recommends passage of this ordinance.
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Fiscal Impact
Fiscal Year: 2025
Budgeted Y/N?: N
Source of Funds: Transit Center Rent
Account #: 518 5450 361 1012
Change Order: Exceeds 25% Y/N: N
FINANCIAL IMPACT:
Rental revenues will be deposited into the Transit Center Rent Account # 518-5450-361-1012.