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<br />REQ.T FOR CI1Y COUNCIL AGENDA L <br /> <br />Agenda Date Requested: November 11~ 1996 <br /> <br />Requested By: Robert T. Herrera Department: Administration <br /> <br />Report <br /> <br />Resolution XX Ordinance <br /> <br />Exhibits: <br /> <br />1. Ordinance No._ <br />2. Lease Agreement <br /> <br />SUMMARY & RECOMMENDATION ~ <br />;;: 'f 8 <br />The attached ordinance authorizes the City of La Porte to lease approximatel~ cres of land <br />to James J. Flanagan Shipping Corporation for property we own in Morgan's Point, Texas. <br /> <br />The City of La Porte will be paid $900.00 monthly per acre for this property based on a <br />negotiated lease agreement for a period of 15 years. An annual cost-of-living adjustment will be <br />applied to the monthly rental beginning on January 1st of each year of the lease, with <br />December 1996 as a base year. James J. Flanagan Shipping is responsible for obtaining all <br />permits and licenses necessary to develop the property (Morgan's Point, TNRCC and others) for <br />its intended use. In consideration to Flanagan for improving the property and securing all <br />engineering approvals, the City agreed to waive the first year of payment. We estimate the cost <br />to James J. Flanagan Shipping to develop the 5 acres is approximately between $300,00 and <br />$500,00. There are other provisions contained within the lease agreement that address insurance, <br />rail opportunities and landlord's rights that help protect the City's position in this lease agreement. <br /> <br />Action Required by Council: <br /> <br />Authorize City ~~er to execute lease agreement with James J. Flanagan Shipping <br />Corporation fo~4 acr s of land. <br />~5: '( B <br /> <br /> <br />Availability of Funds: <br /> <br />General Fund WaterlWastewater <br />Capital Improvement General Revenue Sharing <br />- - <br />Other <br /> <br />Account Number: <br /> <br />Funds Available: <br /> <br />YES NO <br /> <br />Approved for City Council A2enda <br /> <br />Q~T~ <br />Robert T. Herrera <br />City Manager <br /> <br />II - % -9 ~ <br />Date <br />