DEPARTMENT: Center City Development and Operations Department
DEPARTMENT HEAD: John Jacks
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
Amendment to River Walk Lease Agreement with R& D Brands Inc. d/b/a Bella on the River
SUMMARY:
This ordinance authorizes an Amendment to the River Walk Lease Agreement (Agreement) between the City of San Antonio and R & D Brands, Inc. d/b/a Bella on the River to extend the lease term.
BACKGROUND INFORMATION:
Ordinance 2011-06-090480 authorized an Agreement with Bella on the River for use of 127.1 square feet of River Walk Patio Space. The term of the agreement was five years, commencing June 1, 2011 - May 31, 2016.
This ordinance will authorize an Amendment to the Agreement with Bella on the River, to extend the Agreement's term through May 31, 2021. Bella on the River will pay a rate of $1.72 per square foot per month with an annual increase of 1.5%.
ISSUE:
Approval of this ordinance is consistent with the City's policy of leasing River Walk patio space to adjacent businesses for outdoor dining alongside the San Antonio River.
ALTERNATIVES:
The City may elect not to amend and extend the Agreement, which would result in the Bella on the River's occupancy becoming at will or terminating.
FISCAL IMPACT:
Bella on the River will pay an initial rate of $1.72 per square foot per month beginning on June 1, 2016 and will increase 1.5% annually. The total amount to be received by Bella on the River is summarized below:
Lease Year
Rate
Monthly
Annual
June 1, 2016 - May 31, 2017
$1.72
$218.61
$2,623.32
June 1, 2017 - May 31, 2018
$1.75
$222.43
$2,669.16
June 1, 2018 - May 31, 2019
$1.78
$226.24
$2,714.88
June 1, 2019 - May 31, 2020
$1.81
$230.05
$2,760.60
June 1, 2020 - May 31, 2021
$1.84
$233.86
$2,806.32
Total
$13,574.28
All funds received will be deposited into the River Walk Capital Improvements Fund.
RECOMMENDATION:
Staff recommends approval of the Amendment ...
Click here for full text