STRATEGIC PRIORITY: Transportation & Infrastructure
AGENDA DATE: January 12, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Aviation
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize the first of two, five-year lease renewal options to the existing lease agreement with Mockingbird Partners, L.P. effective February 1, 2022 - Not to exceed $2,069,140.65 - Financing: Aviation Fund (subject to annual appropriations)
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BACKGROUND
On September 28, 2016, the Dallas City Council authorized a five-year lease agreement, with two five-year renewal options, with Mockingbird Partners, L.P. for approximately 33,326 square feet of land including a 15,066 square foot office building located at 3448 West Mockingbird Lane, Dallas, TX 75235 to be used as office and operational facilities for the Department of Aviation by Resolution No. 16-1544.
The Department of Aviation currently uses the building as a public facility for its Transportation Regulation division and for staff offices for both the Transportation Regulation and Real Estate divisions.
On June 23, 2021, the Dallas City Council authorized an increase in funding to fulfill existing lease payment obligations through the end of the primary term due to increases in the property taxes over the City's initial estimates.
The primary term of the lease ends on January 31, 2022. The City now desires to exercise the first of the two five-year lease renewal options for an estimated total amount of $2,069,140.65 during the five-year term of the first option.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On September 28, 2016, City Council authorized a five-year lease agreement, with two five-year renewal options, with Mockingbird Partners, L.P. by Resolution No. 16-1544.
On June 23, 2021, City Council authorized an increase in funding to fulfill existing lease payment obligations by Resolution No. 21-1088.
FISCAL INFORMATION
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