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File #: 21-1294    Version: 1 Name:
Type: Resolutions Status: Agenda Ready
File created: 11/2/2021 In control: City Council
On agenda: 11/9/2021 Final action:
Title: A Resolution authorizing the City Manager, or designee, to exercise the first renewal option under a Lease Agreement entered on November 29, 2011 between the City of El Paso, Texas and Madison River Investments, LLC for the lease of the property commonly known as Suite 300 of the Wells Fargo Building located at 221 N. Kansas Street and to accept the Landlord's determination of the Market Base Rental Rate as provided in the lease. With this renewal the current rent of $11,391/month or $136,700/year will be increased by 11% to $12,065/month or $151,563/year. The renewal rental rate will be in effect for the five year renewal term.
Sponsors: Capital Improvement Department
Attachments: 1. DHS_221 Kansas_Tax Office, 2. ITEM 8
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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CITY OF EL PASO, TEXAS

LEGISTAR AGENDA ITEM SUMMARY FORM

 

 

DISTRICT, DEPARTMENT, CONTACT INFORMATIOn:

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Details

District 8

Capital Improvement Department, Sam Rodriguez, (915) 212-1845

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AGENDA LANGUAGE:

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Title

A Resolution authorizing the City Manager, or designee, to exercise the first renewal option under a Lease Agreement entered on November 29, 2011 between the City of El Paso, Texas and Madison River Investments, LLC for the lease of the property commonly known as Suite 300 of the Wells Fargo Building located at 221 N. Kansas Street and to accept the Landlord’s determination of the Market Base Rental Rate as provided in the lease.

 

With this renewal the current rent of $11,391/month or $136,700/year will be increased by 11% to $12,065/month or $151,563/year. The renewal rental rate will be in effect for the five year renewal term.

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