Public Hearing: YES ☐ NO ☒ Department: Airport
SUBJECT:
Title
Commission District(s): 1 and 6
Lease Agreement with BJS Plaza Fiesta, LLC. There is no cost to the County.
Body
Information Contact: Mario A. Evans, Airport Director
Phone Number: 770.936.5440
PURPOSE:
To consider approval of new Lease Agreement with BJS Plaza Fiesta, LLC, effective February 1, 2018; and to consider authorizing the Chief Executive Officer to execute the new Lease Agreement.
NEED/IMPACT:
The new lease agreement was negotiated in accordance with the DeKalb County Code and is for a term of twenty (20) years. This new agreement accomplishes the following in part:
(1) Updates and verifies the ground lease parcel description for the 4.93 acres (214,894 square feet) involved in the lease, which is used as a parking lot at Plaza Fiesta Mall;
(2) Escalates the monthly rent from $666.67 to $1750.00 effective on February 1, 2018;
(3) Escalates the monthly rental payments by 8% every five (5) years or a percentage rate computed by using the Consumer Price Index (All Urban Consumers, South Region) data;
(4) Lessee is responsible for all maintenance of existing paving, lighting, and landscaping of the parcel and for all utility payments.
FISCAL IMPACT:
This is a revenue generating initiative for the County.
RECOMMENDATION:
Recommended Action
To approve the resolution and authorize the chief executive officer to execute all necessary documents....
Attachment: Lease Agreement with BJS Plaza Fiesta, LLC