4. A. 5.
Commissioners Court - Regular
Approve resolution and lease agreement with Martin Operating Partnership for lease of 7 acres
Vicki Keach, Commissioners Court Admin
Commissioners Court Admin
Discuss and consider adopting a resolution designating approximately seven (7) acres of Road District IV property as no longer used for Road District purposes; and, discuss and consider authorizing the County Judge on behalf of Road District IV to execute a Lease Agreement with Martin Operating Partnership, LP, for lease of approximately 7 acres of Road District IV property on Harbor Island, and related matters.
This property was originally leased to Grasso Oil Field Services in 1985. The term of the lease was for an initial 10 years beginning February 1, 1985, followed by four additional five-year renewal periods each at the option of the Lessee. Over the 30 years serveral name changes and/or changes in Lessee took place with Martin Operating Partnership being the Lessee for the last ten years.
Prior to negotiating this lease agreement an appraisal was completed by Smith, Kirkpatrick, & Klager, LLC which recommended a minimum lease amount of $103,200. The current annual lease amount received for 2014 was $94,506.17.
The proposed lease is for an initial term of five years with the Lessee having the right to renew for four additional five-year periods. The inital annual lease amount will be $103,200, with an annual CPI adjustment each year throughout the term of the agreement.
Information about available funds
Funds NOT Available:
Account Code(s) for Available Funds
Martin Lease Exhibit A
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