STRATEGIC PRIORITY: Mobility Solutions, Infrastructure, and Sustainability
AGENDA DATE: December 8, 2021
COUNCIL DISTRICT(S): 3
DEPARTMENT: Department of Public Works
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize an Option to Renew letter to an existing lease agreement with Sealy Executive Center, L.L.C. to exercise a one-time renewal option to extend the lease agreement for an additional five- years for approximately 12.7395 acres of land improved with a vehicle obstacle driving course, and a 31,050 square foot building with classroom, office and warehouse space located at 5310 Red Bird Center Drive, and for approximately 27,051 square feet of classroom and office space located at 5610 Red Bird Center Drive, to be used by the Police Training and Education Division for the period August 1, 2022 through July 31, 2027 - Not to exceed $5,587,310.74 - Financing: General Fund (subject to annual appropriations)
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BACKGROUND
This item authorizes an Option to Renew letter to an existing lease agreement with Sealy Executive Center, L.L.C. to exercise a one-time renewal option to extend the lease agreement for an additional five-years for approximately 12.7395 acres of land improved with a vehicle obstacle driving course, and a 31,050 square foot building with classroom, office and warehouse space located at 5310 Red Bird Center Drive, and for approximately 27,051 square feet of classroom and office space located at 5610 Red Bird Center Drive. The five-year renewal option will provide for the continued use of a training operations by the Police Training and Education Division for the Dallas Police Academy and In-Service training programs.
The Amended and Restated Lease Agreement granted the City one (1) option to extend the term of Lease for an additional five-year period by giving written notice of intent to extend no later than one hundred eighty (180) days prior to the expiration of the then current term, and the Rental is subject to annual increases at the rate of 3%. The current term expires on July 31, 2022.
The five-year renewal option will begin on August 1, 2022 through July 31, 2027.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On June 27, 2012, City Council authorized an Amended and Restated Lease Agreement for a ten-year term with a five-year renewal option by Resolution No. 12-1727.
FISCAL INFORMATION
|
Fund |
FY 2022 |
FY 2023 |
Future Years |
|
General Fund |
$174,652.52 |
$1,057,635.12 |
$4,355,023.10 |
OWNER
Sealy Executive Center, L.L.C.
Sealy SIP Master Associates, L.L.C., its managing member
Mark P. Sealy, Manager
MAP
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