COUNCIL
COMMUNICATION
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DATE: 11-4-02 |
SUBJECT: FINAL READING OF ORDINANCE NO. 2002-O-285 Authorizing
the City Manager to execute an Assignment of lease of that Lease agreement
entered into between the City of Laredo, as Lessor, and FedJones Laredo, LLC,
as Lessee, by Ordinance No. 2001-0-042 dated February 20, 2001. Said Lease Assignment is to Fedlaredo
Parntership, LP, a Pennsylvania limited partnership, as Assignee, for
approximately 2.82 acres at the Laredo International Airport; providing for
an effective date. |
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INITIATED
BY: Cynthia
Collazo Assistant City
Manager |
STAFF
SOURCE: Jose L.
Flores Airport
Director |
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PREVIOUS
COUNCIL ACTION: On October
21, 2002, Ordinance was introduced by City Council, and Staff was instructed
to proceed. |
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BACKGROUND: FedJones Laredo, LLC leased
approximately 2.82 acres located on Tract 8 of the Subdivision Plat of the
Laredo International Airport Passenger Terminal Subdivision, which is
directly north of the passenger terminal on Bob Bullock Loop. Lessee constructed an approximate 33,500
square foot building which in turn was subleased to Federal Express. Federal Express uses the premises for
retail sale of time-definitive delivery services. The lease agreement allows for
assignment. Lease
term ends on February 28, 2041.
Current monthly rent is $1,783.76 and will be adjusted annually
according to changes in the Consumer Price Index and further adjusted at
every 10th anniversary by Fair Market Value appraisal. FedJones Laredo now wishes to assign
its lease to Fedlaredo Partnership, LP and is requesting approval from the
Laredo City Council. |
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FINANCIAL
IMPACT: 242-0000-361-2070 Aeronautical Land Rent |
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COMMITTEE
RECOMMENDATION: The Airport Advisory Committee
recommends approval. |
STAFF RECOMMENDATION: That the City Manager be
authorized to execute said Assignment of Lease to Fedlaredo Partnership, LP. |
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ORDINANCE NO.
2002-O-285
AUTHORIZING
THE CITY MANAGER TO EXECUTE AN ASSIGNMENT OF LEASE OF THAT LEASE AGREEMENT
ENTERED INTO BETWEEN THE CITY OF LAREDO, AS LESSOR, AND FEDJONES LAREDO, LLC,
AS LESSEE, BY ORDINANCE NO. 2001-0-042 DATED FEBRUARY 20, 2001. SAID LEASE ASSIGNMENT IS TO FEDLAREDO
PARNTERSHIP, LP, A PENNSYLVANIA LIMITED PARTNERSHIP, AS ASSIGNEE, FOR
APPROXIMATELY 2.82 ACRES AT THE LAREDO INTERNATIONAL AIRPORT; PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS,
the Airport Director recommends that the City Council approve the proposed Assignment
of Lease of that Lease entered between the City of Laredo, as Lessor, and FedJones
Laredo, LLC, as Lessee, by Ordinance No. 2001-0-042 dated February 20, 2001, for
approximately 2.82 acres located on Tract 8 of the Laredo International Airport,
as a contract and in furtherance of the development of the Laredo International
Airport and as a support to the maintenance and operation of the Laredo
International Airport.
WHEREAS,
said Assignment of Lease is to Fedlaredo Partnership, LP, a Pennsylvania
limited partnership, as Assignee; and
WHEREAS,
the Airport Advisory Committee finds that said Assignment of lase is in the
best interest of the Airport and recommends that the City Council approve the Assignment
of Lease; and
WHEREAS,
the City Council of the City of Laredo having heard the recommendations of the
Airport Director and of the Airport Advisory Committee agrees with same.
NOW,
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LAREDO THAT:
Section 1: The City Manager be
hereby authorized to execute an Assignment of Lease of that Lease entered
between the City of Laredo, as Lessor, and FedJones Laredo, LLC, as Lessee, by
Ordinance No. 2001-0-042 dated February 20, 2001, for approximately 2.82 acres
located on Tract 8 of the Laredo International Airport. Said Assignment of
Lease is to Fedlaredo Partnership, LP, a Pennsylvania limited partnership, as
Assignee, a copy of which is attached hereto as Exhibit A, and incorporated
herein as if set out at length for all intents and purposes.
Section 2: This Ordinance
shall become effective upon passage hereof.
PASSED BY THE CITY
COUNCIL AND APPROVED BY THE MAYOR ON THIS THE ____ DAY OF ________________,
2002.
________________________
ELIZABETH G. FLORES
MAYOR
ATTEST:
________________________
GUSTAVO GUEVARA, JR.
CITY SECRETARY
APPROVED AS TO FORM:
JAIME L. FLORES
CITY ATTORNEY
BY:_______________________
VALERIA M. ACEVEDO
ASSISTANT CITY ATTORNEY