CITY OF EL PASO, TEXAS
LEGISTAR AGENDA ITEM SUMMARY FORM
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Details
District 3
Airport, Sam Rodriguez, (915) 212-7301
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AGENDA LANGUAGE:
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Title
The City Manager be authorized to sign a Lessor's Approval of Assignment of the Ground Lease, by the City of El Paso ("Lessor"), Croucher Family Limited Partnership, LLC. ("Assignor") and Lulu Lots LLC. ("Assignee") for property described as Lot 7, Block 7, El Paso International Airport Tracts, Unit 2, City of El Paso, El Paso County, Texas, also known as 7505 Lockheed Dr., El Paso, Texas.
The remaining lease term is 37 years and 9 months with one (1) ten-year option. The site is 30,825 SF at $0.52 per SF and the annual rent is $16,029.00. The lease agreement expires May 31, 2059, with option to extend to May 31, 2069.
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