Agenda Item Title:
Authorize the Mayor and Finance Director to Approve a Five-Year Extension of Lease Agreement with Cortez LLC, d/b/a Hotel Alex Johnson, for Sixty-Six (66) Parking Spaces at the Sixth Street Parking Garage
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
08/14/2024
City Council Hearing Date:
08/19/2024
Petitioner:
Community Development / Parking Division
Staff Contact:
Anna Gilligan / Jennifer Utter
Location:
Council Chambers
Agenda Item Summary:
City has leased 66 parking spaces in the Sixth Street garage to Cortez LLC, d/b/a the Hotel Alex Johnson, since 2019. This written extension of a current lease would continue the terms to September 1, 2029, including rent adjustments based upon the Consumer Price Index. The original contract and resolution of intent to lease are attached.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve