CITY OF EL PASO, TEXAS
AGENDA ITEM SUMMARY FORM
Details
District 3
Airport, Sam Rodriguez, (915) 212-7301
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PUBLIC HEARING DATE: Click or tap to enter a date.
STRATEGIC GOAL:
Goal 1 - Create an Environment Conducive to Strong Sustainable Economic Development
SUBGOAL: Choose an item.
SUBJECT:
APPROVE a Resolution / Ordinance / lease to do what? OR AUTHORIZE the City Manager to do what? Be descriptive of what we want Council to approve. Include $ amount if applicable.
Title
That the City Manager be authorized to sign a Lessor's Approval of Assignment by the City of El Paso ("Lessor"), Lomeli Investments, LLC ("Assignor") and Americas Compliance Training and Drug Testing, LLC ("Assignee") for property described as Lots 8, Block 7, El Paso International Airport Tracts, Unit 2, City of El Paso, El Paso County, Texas, also known as 7501 Lockheed, El Paso, Texas.
The remaining lease term is 36 years and 5 months with two (2) five-year options. The site is 30,825 SF at $0.5191 per SF and the annual rent is $16,001.26. The lease agreement expires July 24, 2057 with option to extend to July 24, 2067.
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BACKGROUND / DISCUSSION:
Discussion of the what, why, where, when, and how to enable Council to have reasonably complete description of he contemplated action. This should include attachment of bid tabulation, or ordinance or resolution if appropriate. What are the benefits to the City of this action? What are the citizen concerns?
Lomeli Investments, LLC requests the ground lease be assigned to Americas Compliance Training and Drug Testing, LLC, as they are purchasing the building at 7501 Lockheed from Lomeli Investments.
PRIOR COUNCIL ACTION:
Has the Council previously considered this item or a closely related one?
July 25, 2017 - Lease Agreement
AMOUNT AND SOURCE OF FUNDING:
How will this item be funded? Has the item been budgeted? If so, identify funding source by amount numbers and description of account. Does it require a budget transfer...
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