Title
Approving a six-month lease agreement with the tenants at 101 East Pecan Street, and authorizing the City Manager to execute the same.
Summary
On September 24, 2024, City Council approved the purchase of 101 E. Pecan Street. The property currently has a tenant operating on-site. Under the terms of the lease, the tenant may continue operations for six months from closing at their existing monthly rent of $1,500, plus $1,692 per month for property taxes, with no renewal option. During this period, all maintenance and repair responsibilities remain with the tenant.
This item is supported by the Economic Development pillar of the Strategic Plan.
Prior City Council Action
On September 24, 2024 - City Council approved the purchase of 101 E. Pecan from Delton Southern not to exceed $925,000.
Deadline for City Council Action
Action is requested on October 22, 2024.
Funding Expected: Revenue _X_ Expenditure __ N/A __
Budgeted Item: Yes __ No _X_ N/A __
Amount: $19,152
1295 Form Required? Yes __ No _x_
Legal Review Required: N/A __ Required _x_ Date Completed: 10/15/2024
Supporting documents attached:
Lease Agreement 101 E Pecan
Recommended Action
Approve the lease agreement, and authorize the City Manager to execute the same.