The City of Lubbock entered into a lease agreement with Wilkerson Investment Company to utilize the properties and structures located at 401 and 405 34th Street and at 530 36th Street. The departments that utilize these properties are Facilities Management, Engineering, Pavement Management, Radio Shop, and the Lubbock Police Department.
The original date of both leases was April 1, 2010, through March 31, 2020.
The original monthly amount of the 401 and 405 34th Street lease was $6,848.00 per month, and the 530 36th Street lease amount was $5,286.00 per month.
The current date of both 5-year-lease extensions is April 1, 2021, through March 31, 2025.
The current monthly amount of the 401 and 405 34th Street lease is $7,532.92 per month, and the 530 36th Street lease amount is $5,815.00 per month.
The new lease terms will have a 5-year term of April 1, 2025, through March 31, 2030.
The lease at 401 and 405 34th Street will be $8,286.21 per month, and the lease at 530 36th Street will be $6,400.00 per month.
Below is a summary of the Contract Term, Monthly, Annual Term Cost, and change in costs vs. prior contract terms.
| Contract Term |
Address |
SQ FT Area |
Monthly Rent |
Annual Rent |
Annual Change/
Prior Contract |
|
2025–2030
(New 5-Year)
|
530 36th St |
15,306 |
$6,400.00 |
$76,800.00 |
$7,020.00 |
| 401-405 34th St |
14,355 |
$8,286.21 |
$99,434.52 |
$9,039.48 |
| 2020-2025 (Current 5-Year) |
530 36th St |
15,306 |
$5,815.00 |
$69,780.00 |
$6,348.00 |
| 401-405 34th St |
14,355 |
$7,532.92 |
$90,395.04 |
$8,219.04 |
| 2010-2020 (Previous 10-Year) |
530 36th St |
15,306 |
$5,286.00 |
$63,432.00 |
|
| 401-405 34th St |
14,355 |
$6,848.00 |
$82,176.00 |
|
|
The lease at 401 and 405 34th Street will be $8,286.21 per month, with an annual cost of $99,434.52.
The lease at 530 36th Street will be $6,400.00 per month, with an annual cost of $76,800.00.
The total annual cost of the lease at both locations will be $176,234.52, and is funded in the operating budgets for the various department users. |
