Staff recommends approval of the lease amendment with Import Sales of Lake County, LLC, d/b/a/ Bill Bryan KIA.
City staff has been negotiating with the dealership for a suitable extension of this lease that will provide the business with sufficient assurances for them to acquire favorable financing and to ensure continuous operations of a compatible business as others within this corridor.
This lease will be as follows:
Ø 20 year term with one 5 year renewal option
Ø Rent will begin at the current amount ($11,
plus all applicable taxes.
On March 1
each year the rent will increase by the percent of increase of the C
(same as current lease)
first 54 months of the new lease term there will be a build-out allowance of
50% of the monthly rental rate, after calculation of the C
with month #55 of this lease, rent payment shall be 100% of the then current
amount, which includes the C
Ø All other terms and conditions will remain as in the current lease agreement.
Staff recommends approval and
has the endorsement by the Airport Advisory Board.
1. Approve the Lease Amendment; or
2. Such alternative action as the Commission may deem appropriate
Prepared by: ________
Attachments: Yes___ No ______
Advertised: ____Not Required _____
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ___________________
City Manager ________RS___________
Account No. __________________
Project No. ___________________
WF No. ______________________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
THAT the Mayor and City Clerk are hereby authorized to execute an amendment to the lease agreement with Import Sales of Lake County, LLC, d/b/a Bill Bryan KIA, whose address if 8644 South Highway 441, Leesburg Regional Airport, Leesburg, Florida 34788 to extend the term of the agreement and provide an incentive to the lessee.
THAT this resolution shall become effective immediately.
AND ADOPTED by the City
Commission of the City of
day of __ April __ _____ 2006