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File #: 17-808    Name:
Type: Report Status: Consent Item Ready
File created: 12/1/2017 In control: City Council
On agenda: 12/11/2017 Final action:
Title: Approval of a billboard sign lease agreement between the City of New Braunfels and Natural Bridge Caverns, Inc.
Attachments: 1. lease
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Presenter/Contact

Presenter

Matthew Eckmann, Real Estate Manager

Contact Info

(830) 221-4089 - meckmann@nbtexas.org

 

Subject Header

SUBJECT:

Title

Approval of a billboard sign lease agreement between the City of New Braunfels and Natural Bridge Caverns, Inc.

 

Body

BACKGROUND / RATIONALE:

On August 8, 2000, a lease was executed between Natural Bridge Caverns, Inc and First Presbyterian Church of New Braunfels for the purpose of constructing a billboard on the property located at 2932 Interstate 35 Frontage Road, New Braunfels, TX 78130.

 

On August 25, 2011, the City of New Braunfels purchased this property from First Presbyterian Church of New Braunfels to become the Westside Community Center.  Along with this purchase, the City was assigned the existing lease for the billboard.

 

The current lease expired on August 8, 2015.  Natural Bridge Caverns, Inc. has proposed a new lease with an effective date of August 1, 2015 for a term of 15 years.  Upon the execution of the new lease, Natural Bridge Caverns, Inc. will pay the City of New Braunfels the total amount of rental payments due for years 2015-2018.

 

ADDRESSES A NEED/ISSUE IN A CITY PLAN OR COUNCIL PRIORITY:

 

N/A

 

 

 

 

FISCAL IMPACT:

Natural Bridge Caverns has agreed to rent payments in the amount of $6,600 annually for years 2015-2019, $6,930 for years 2020-2024 and $7,277 for years 2025-2029.  Rental payments will be due annually on or before August 1st.

 

Recommendation

COMMITTEE RECOMMENDATION:

N/A

 

STAFF RECOMMENDATION:

Staff recommends approval of this lease agreement.