Resolution - Aviation: Consider a resolution authorizing the Mayor to execute a Fifth Amendment to Contract 15038, with Webber LLC, to extend the contract term and rental rate for the land lease agreement at Lubbock Preston Smith International Airport.
Item Summary
Webber LLC entered into a land lease agreement with the City of Lubbock on November 19, 2019, for a temporary office site during the I-27 road construction project. Webber LLC was granted the right to utilize 45,150 square feet of land on the east side of Lubbock Preston Smith International Airport, through June 30, 2021.
Amendment Two to the land lease agreement extended the term to December 31, 2022. Amendment Three extended the term to December 31, 2023. Amendment Four extended the term to December 31, 2024. Amendment Five will extend the land lease agreement until September 30, 2026.
The extension will increase the rental rate to the current rate of $0.2780 per square foot, and it includes a Consumer Price Index (CPI) adjustment each January. The extension will generate annual revenue of approximately $12,551.70.
Airport Staff and the Airport Advisory Board recommend approval.
Fiscal Impact
Additional $12,551.70 in airport revenue
Staff/Board Recommending
Bill Howerton, Deputy City Manager Kelly Campbell, Executive Director of Aviation Airport Advisory Board
