6.b.
TCEDC Agenda
- Meeting Date:
- 08/16/2023
- Title:
- Leasing the EDC-owned property located at 413 6th Street to The Gilded Gecko.
- Submitted For:
- Kristin Edwards
- Submitted By:
- Kristin Edwards, Economic Development
- Department:
- Economic Development
ACTION REQUEST (Brief Summary)
Discussion and possible action on Resolution 2023-19, leasing the EDC-owned property located at 413 6th Street to The Gilded Gecko.
BACKGROUND
The Economic Development Corporation owns the commercial property located at 413 6th Street in Texas City, and it is currently available for lease. Staff received an inquiry from George and Sherry O’Conner, operators of “The Gilded Gecko,” regarding available spaces for operation and recommended the location. The operators recently visited the space and determined it would be an ideal location for their business.
The Gilded Gecko would bring additional retail to 6th Street, with "reasonably priced items" marketed to customers size 4-24.
Pending approval by the EDC, staff recommends a one-year lease agreement between the EDC and George and Sherry O’Conner with monthly rent set at $1,000. The lease would include two (2) options to renew the lease for an additional 12 months, with rent increasing to $1,200 per month in year two and $1,400 per month in year three, should the tenants exercise their option(s) to renew.
The Gilded Gecko would bring additional retail to 6th Street, with "reasonably priced items" marketed to customers size 4-24.
Pending approval by the EDC, staff recommends a one-year lease agreement between the EDC and George and Sherry O’Conner with monthly rent set at $1,000. The lease would include two (2) options to renew the lease for an additional 12 months, with rent increasing to $1,200 per month in year two and $1,400 per month in year three, should the tenants exercise their option(s) to renew.
ANALYSIS
Approve Resolution 2023-19, a lease agreement between the EDC and George and Sherry O’Conner for 413 6th Street.