PRESENTER: Presenter
Matthew Eckmann, Assistant Director of Public Works
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SUBJECT: Title
Approval of a ground lease agreement between the City of New Braunfels and Natural Bridge Caverns, Inc. for a billboard sign located at 2932 Interstate 35 South.
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DEPARTMENT: Public Works
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COUNCIL DISTRICTS IMPACTED: 1
BACKGROUND INFORMATION:
Natural Bridge Caverns has been leasing property at this location for a billboard sign since 2000. The current 10-year lease expires on July 31, 2025 and the Tenant has requested the City enter into a new lease agreement for another 10-year term.
ISSUE:
Staff is in agreement with entering into a new lease agreement at a rental rate of $9,000.00 annually for years 1-5 with an increase to $10,000 for years 6-10 for a term beginning August 1, 2025 and expiring July 31, 2035.
STRATEGIC PLAN REFERENCE:
☐Economic Mobility ☐Enhanced Connectivity ☒Community Identity
☐Organizational Excellence ☐Community Well-Being ☐N/A
FISCAL IMPACT:
Revenue generated by this lease will go directly to the General Fund.
Recommendation
RECOMMENDATION:
Staff recommends approval of this lease.