From
Megan Mahan
Title
Ground Lease with Urban Partners Development, LLC for 2401 W. Hunter Ferrell and 1921 W. Hunter Ferrell for $19,000 Annual Rent for a Ten (10) Year Term
Presenter
Bill Hills, Deputy City Manager
Recommended Action
Approve
Analysis
Urban Partners Development, LLC (Tenant) wishes to lease two undeveloped tracts located within the floodplain, totaling approximately 127 acres. The attached map identifies "Tract 1" and "Tract 2" as the leased locations. The Tenant intends to use the property as an "Off-Road Park", meaning, a place where people can pay to drive their vehicles in rugged terrain. The rent will be $19,000 annually and it will be a 10 year lease term.
Financial Consideration
Revenue generated from this lease will be deposited into the FY 2020/2021 General Fund.