DEPARTMENT: Center City Development and Operations Department
DEPARTMENT HEAD: John Jacks
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
Amendment to River Walk Lease Agreement with Tacoland Studios LLC
SUMMARY:
This ordinance authorizes an Amendment to the River Walk Lease Agreement (Agreement) between the City of San Antonio and Tacoland Studios LLC (Tacoland) to renew the Agreement's term through October 31, 2022.
BACKGROUND INFORMATION:
Ordinance 2012-11-01-0844 authorized an Agreement with Tacoland for use of 180 square feet of River Walk Patio Space. The initial term of the Agreement will expire on October 31, 2017, however, the Agreement provides for one, five-year renewal option with City Council approval.
This ordinance will authorize an Amendment to the Agreement with Tacoland, to renew the Agreement's term through October 31, 2022. Tacoland will pay a rate of $1.33 per square foot per month with an annual increase of 2.5%.
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 renew the Agreement, which would result in the Tacoland's occupancy becoming at will or terminating.
FISCAL IMPACT:
Tacoland will pay a rate of $1.33 per square foot per month beginning November 1, 2017 and will increase 2.5% annually. The total amount to be received by Tacoland is summarized below:
Lease Year
Rate
Monthly
Annual
November 1, 2017 - October 31, 2018
$1.33
$239.40
$2,872.80
November 1, 2018 - October 31, 2019
$1.36
$244.80
$2,937.60
November 1, 2019 - October 31, 2020
$1.39
$250.20
$3,002.40
November 1, 2020 - October 31, 2021
$1.42
$255.60
$3,067.20
November 1, 2021 - October 31, 2022
$1.46
$262.80
$3,153.60
Total
$15,033.60
All funds received will be deposited into the River Walk Capital Improvements Fund.
RECOMMENDATION:
Staff recommends approval of the Amendmen...
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