Staff recommends approval of the Second Amendment to Lease with Phillips Buick-Pontiac-GMC
Phillips-Buick-Pontiac-GMC, Inc. currently has a lease for the site at 8910 Airport Boulevard. The original lease agreement was signed in December 1995. In March 2008, the City Commission approved Lease Amendment One which extended the term of the lease by twelve years. That extension was offered in return for the investment Mr. Phillips is making in the new addition to the hangar. The addition includes the following:
(1) 768 square feet of office space.
(2) 2,520 square feet of covered parking.
(3) 178 square feet of covered porch.
To make these improvements to the hangar, Mr. Phillips’s leasehold needs to be enlarged by 2,319 square feet. Exhibit “A” of the attached Second Lease Amendment shows the new leasehold area. As a result of this change, Mr. Phillips’s monthly lease payment will increase by $23.19. All other terms of the original lease agreement and the first amendment will remain in effect.
1. Approve the Second Amendment to Lease with Phillips Buick-Pontiac-GMC
2. Such alternative action as the Commission may deem appropriate
The increase in this monthly lease payment will result in additional income of $278.28 annually to airport revenue account 001-0000-362-0200.
Prepared by: __Charlie Weller______
Attachments: Yes _X___ No ___
Advertised: ____Not Required ___X__
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head __ ___
Finance Dept. ___________JB_____
Deputy C.M. ___________________
City Manager ___________________
Account No. __001-0000-362-0200__
Project No. ___ ___________
WF No. __ ____
Budget _______ ______
Available _____ _
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A SECOND AMENDMENT TO LEASE BETWEEN THE CITY OF LEESBURG AND PHILLIPS BUICK-PONTIAC-GMC, INC. FOR PROPERTY AT LEESBURG INTERNATIONAL AIRPORT; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:
THAT the Mayor and City Clerk are hereby authorized to execute a Second Amendment to Lease agreement with Phillips Buick-Pontiac-GMC, Inc. whose address is P.O. Box 491907 Leesburg, Florida 34749-1907, for property at Leesburg International Airport.
THAT this resolution shall become effective immediately.
PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the 25th day of August, 2008.