Public Hearing: YES ☐ NO ☒ Department: Airport
SUBJECT:
Title
Commission District(s): 1 and 6
Ground Lease Estoppel Certificate and Consent to Assignment to DeKalb County Contract No. 17-903095 by BJS Plaza Fiesta, LLC.
Body
Information Contact: Mario A. Evans, Airport Director
Phone Number: 770.936.5440
PURPOSE:
To consider approval of Ground Lease Estoppel Certificate and Consent to Assignment to Contract No.
17-903095 by BJS Plaza Fiesta, LLC to Plaza Fiesta Owner, LLC; and
To consider authorizing the Chief Executive Officer to execute the Ground Lease Estoppel Certificate and Consent to Assignment.
NEED/IMPACT:
The Lessee, BJS Plaza Fiesta, LLC, desires to assign and transfer all of its rights, title and interest in and to its long-term ground lease to Plaza Fiesta Owner, LLC, a Delaware limited liability company. Plaza Fiesta Owner, LLC desires to accept the assignment and transfer of the lease, as a result of a purchase agreement between BJS Plaza Fiesta, LLC and Plaza Fiesta Owner, LLC.
Approval of the Ground Lease Estoppel Certificate and the Consent to Assignment will allow the County to maintain the revenue generating stability of the ground lease. The Lessee’s financial obligation to the County will neither increase nor decrease.
The County Attorney has reviewed the documents and approved them as to form pending Governing Authority approval.
FISCAL IMPACT:
This is a revenue generating Lease Agreement. There is no cost to the County.
RECOMMENDATION:
Recommended Action
To approve the resolution and authorize the chief executive officer to execute all necessary documents....
Attachments: Ground Lease Estoppel Certificate - BJS Plaza Fiesta, LLC
Consent to Assignment - BJS Plaza Fiesta, LLC
Contract No. 17-903095