PRESENTER: Presenter
Matthew Eckmann, Facilities and Real Estate Manager
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SUBJECT: Title
Approval of and authorization for the City Manager to execute lease agreements between the City of New Braunfels and New Braunfels Waterpark, LLC for properties adjacent to the City Tube Chute and Elizabeth Ave.
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DEPARTMENT: Public Works
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COUNCIL DISTRICTS IMPACTED: District 4 and District 5
BACKGROUND INFORMATION:
Beginning on October 22, 2007, the City of New Braunfels (Lessor) entered into a lease agreement with Liberty Partnership, LTD n/k/a New Braunfels Waterpark, LLC (Lessee) for approximately 1.75 acres located at the southeast corner of Elizabeth Ave and W. Torrey Street to be used as parking for Schlitterbahn Employees. As consideration for this lease, a simultaneous lease was executed by and between Liberty Partnership n/k/a New Braunfels Waterpark, LLC (Lessor) and the City of New Braunfels (Lessee) for 0.055 Acres along the northeast edge of the Comal River adjacent to the Tube Chute which is used as an alternative route for tubers to cross the Dam. These leases have subsequently been extended and expired on April 22, 2021.
ISSUE:
The new lease agreements between the City and New Braunfels Waterpark, LLC will have a commencement date of May 1, 2021 with a term of 10 years and an additional 5-year renewal option.
FISCAL IMPACT:
No Fiscal Impact
Recommendation
RECOMMENDATION:
Staff recommends approval of these lease agreements.