Agenda - View Meetings (All)

AI# 12733 Image of Lubbock City Logo 2021

Regular City Council Meeting

7.11.

08/13/2024:

Information

Agenda Item

Resolution - Libraries: Consider a resolution authorizing the Mayor to execute a Lease Agreement with Luskey Brothers Investments, for the Godeke Branch Library located at 5034 Frankford Avenue.

Item Summary

The City of Lubbock originally entered into a lease agreement with Luskey Brothers Investments for Godeke Branch Library in February 2014, and that lease expired August 31, 2019. On August 27, 2019, the City Council approved a new lease agreement that began September 1, 2019, for a 5-year term, with an additional option 5-year term. The City Manager was recently directed to find a permanent solution for Godeke Branch Library.

The resolution for consideration is a 3-year term triple net commercial lease agreement with a 5% escalator. The new lease agreement cost is:

Dates

Rate Per Square Foot

Base Monthly Rent

09/01/2024 - 08/31/2025

$14.00

$14,735.00

09/01/2025 - 08/31/2026

$14.70

$15.471.75

09/01/2026 - 08/31/2027

$15.44

$16,245.34

Staff recommends approval of the new 3-year lease agreement with the intent of vacating at the end of the 3-year option. Staff will immediately begin working to gather citizen input, look into the feasibility of a hybrid community center/library facility, and develop cost estimates for a City-owned permanent location.

If the City Council elects not to approve the new 3-year lease agreement, Godeke Branch Library will temporarily close to the public on August 31, 2024. The existing lease will become a month-to-month option until the building is vacated by December 31, 2024.

If the City Council votes not to approve the lease, staff recommends the remaining FY 2024-25 budgeted funds be placed in a Capital Improvement Project. This would allow staff to begin the work to purchase a 24-Hour Library System, and the remaining funds would allow the City to begin saving for a permanent City-owned location.

Fiscal Impact

The cost of the lease for year one is $176,820 plus taxes and insurance, and will increase by 5% each additional year.

Staff/Board Recommending

Brooke Witcher, Assistant City Manager

Attachments

Resolution

Lease Agreement