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<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: <br /> <br /> <br />Appropriation <br /> <br />Requested By: S. Gillett <br /> <br />Source of Funds: <br /> <br />Department: <br /> <br />Account Number: <br /> <br />Report: <br /> <br />Resolution: <br /> <br />Ordinance: XX <br /> <br />Amount Budgeted: <br /> <br />Exhibits: <br /> <br />Ordinance <br /> <br />Amount Requested: <br /> <br />Exhibits: <br /> <br />Tri-Pa A eement <br /> <br />Budgeted Item: YES NO <br /> <br />/' <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The City of La Porte has a lease agreement with D.E. Aviation (Lessee), dated January 1, 1997, <br />and amended February 11,2002. The Amendment allows the construction of three (3) T-hangers <br />on the Designated Use Area in the northwest corner of the Airport. <br /> <br />The Lessee is financing the construction through 1 st Choice Bank of South Houston. In order to <br />protect the interests of the Lessee, the City and the bank, a Lease and Rental Agreement and <br />Security Agreement has been drafted. The Agreement protects the City, as well as 1 st Choice <br />Bank of South Houston, in the event ofa default on the part of the lessee. The Bank's remedy, <br />in the event of default, is to take over the lease, and reassign the lease to another operator <br />acceptable to the City. <br /> <br />~/;foR. .7k lt~d,0 fl/~eI ,4p-zflc <br />CJ~2'( /J-e.c~e u:;>e.- ~ w~ dH0 <br />OP"- I'~"';' ,.&'" d) vi b..).{ ~;J/Ul'-CJ <br />AM ~tP~ rz/;1. :Z:r~Jj')~~ <br />/J r f1p.>I? <br /> <br />Action Required bv Council: Approve an Ordinance authorizing the City Manager to execute a Lease <br />and Rental Agreement and Security Agreement between the City of La Porte, D.E. Aviation and 1st <br />Choice Bank of South Houston. <br /> <br />Approved for City Council A!!enda <br /> <br />Q~ I' \~ <br /> <br />Robert T. Herrera, City Manager <br /> <br />s- ) c. . 0 <- <br />Date <br />