SUBJECT
title
Authorizing the City Manager to execute a lease agreement between the Laredo Transit Management, Inc., “El Metro” (Lessor) and Laredo Insurance Services, LLC (Lessee) for the lease of a space inside the "El Metro" downtown station lobby, for a monthly sum of $1,300.00 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. Lessor covenants and agrees to allow the Lessee to occupy the premises beginning on June 1, 2025.
body
PREVIOUS COUNCIL ACTION
None.
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
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.