From
Elsa V Delgado
Title
Authorize the City Manager to execute an Assignment of Commercial Lease Agreement and Assumption of Obligations, to be effective February 4, 2020, by and between 502 Fountain Trust (Assignor), and Michael A. Levitz and Ryan S. Levitz (Assignees) and the City of Grand Prairie, a Texas home-rule municipality, Landlord (hereinafter City)
Presenter
Mark J. Divita, Airport Director
Recommended Action
Approve
Analysis
On February 24, 1999, Assignor, entered into a Commercial Lease Agreement with the City, to become effective April 1, 1999, for approximately 14,200 square feet of unimproved land and approximately 2,475 square feet of asphalt paved ramp located at Grand Prairie Municipal Airport located in Tarrant County, Texas (the "Lease"). Effective February 4, 2020 the 502 Fountain Trust (Assignor) desires to transfer to (Assignees) Michael A. Levitz and Ryan S. Levitz any and all rights Assignor may have in and to the Commercial Lease Agreement. The Lease expires in 2039 at which time the building becomes the property of the City.
Financial Consideration
Rental rates will remain the same under the assignment with the option for annual adjustments as stipulated in the lease agreement.