DEPARTMENT: Center City Development & Operations Department
DEPARTMENT HEAD: Lori Houston
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
River Walk Patio Lease Agreements with AmREIT Riverwalk, LP, a Texas limited partnership
SUMMARY:
This ordinance authorizes three, 5 year River Walk Patio Lease Agreements with AmREIT Riverwalk, LP, a Texas limited partnership for continued use of 329 square feet, 112 square feet, and 323 square feet of River Walk patio space and consent to the sublease of said spaces to the County Line, Paesano's, and Hard Rock Caf? respectively.
BACKGROUND INFORMATION:
Ordinance #81429 passed on January 5, 1995 authorized three, 5 year River Walk Patio Lease Agreements with Hixon Development Company for use of 329 square feet, 112 square feet, and 323 square feet of River Walk patio space. The ordinance also consented to the sublease of these spaces to The County Line, Paesano's, and Hard Rock Caf?.
Ordinance #82328 passed on June 8, 1995 authorized amendment to the agreements to provide for three, 5 year renewal options through February 28, 2015 and granted the City the right to increase the base rental rate up to 15% at least once during the renewal periods if supported by a rental study. In September 2005 Hixon Development Company assigned the agreements to AmREIT Riverwalk, LP, a Texas limited partnership (AmREIT).
This ordinance authorizes three, new 5 year agreements (Agreements) with AmREIT for continued use of the River Walk Patio spaces identified above and consent to their sublease. Under the terms of the Agreements, the monthly rate per square foot will be $2.35 the first year and will increase annually by 3.00% for each of the three leases. The Agreements also provide for three five-year renewal options. Rates during the renewal options will increase by 3.00% annually with the City having one opportunity to increase the rate up to 15% if supported by a rental study. The Agreements' initial l...
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