SUBJECT
title
Authorizing the City Manager to execute a lease agreement between the City of Laredo and I35 Church for a property located at 1720 E Hillside, Laredo, Texas 78041, legally described as a building #2075 for approximately 8,184 square feet. Lease term shall be for five (5) years commencing on April 1, 2025. Tenant is hereby granted two (2) options to extend this lease for an additional five (5) years per option upon mutual written agreement between parties. The monthly rent shall be $5,000 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
99-O-200, 2000-O-126, 2002-R-028
BACKGROUND
Iglesia Casa de Alabanza has remained a tenant for the airport since the assignment of the lease since 07/19/1999. The tenant currently leases approximate 8,184 square feet constituting building #2075, located at 1720 Hillside Road.
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:
Monthly Rent: $5,000.00
Annual Rent: $60,000.00
Revenue collected will be allocated to Building Rent Account: 242-0000-361-1060.