CITY OF EL PASO, TEXAS
AGENDA ITEM SUMMARY FORM
Details
District 2
Airport, Sam Rodriguez, (915) 212-7301
End
PUBLIC HEARING DATE: 1/19/2021
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
A Resolution to authorize the City Manager to sign a Lessor's Approval of Assignment of Butterfield Trail Industrial Park Lease by and between the City of El Paso ("Lessor"), TV6-W Holdings, LLC ("Assignee") for property described as Lot 1, Block 11, Butterfield Trail Industrial Park Unit Two, Foreign Trade Zone No. 68, City of El Paso, El Paso County, Texas municipally known and numbered as 25 Butterfield Trail Blvd., El Paso, Texas. The remaining lease term is 24 years with two (2) five-year options. The site is 119,907 square feet at $0.20 per square feet and the annual rent is $23,981.40. All other terms and conditions remain the same.
End
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?
The current lease agreement expires June 30, 2044. If options are exercised, the expiration date is June 30, 2054.
PRIOR COUNCIL ACTION:
Has the Council previously considered this item or a closely related one?
* July 1, 2004 - Butterfield Trail Industrial Park Lease between City of El Paso and W2001 TBT Real Estate Limited Partnership.
* November 22, 2004 - Ground Lessor's Estoppel Certificate to Column Financial, Inc.
* April 18, 2006 - Lessor's Approval of Assignment between W2001 TBT Real Estate Limited Partnership (Assig...
Click here for full text