RECOMMENDATION: Approve and authorize a Parking Lease between the City of Houston, (Landlord), and Warehouse Associates Corporate Centre Shepherd, Ltd., (Tenant) for approximately 9,389 square feet of land under the Shepherd Overpass, located south of 11th Street and north of 6th Street. The tenant operates a warehousing and storage business and has utilized this property for parking by its employees, tenants, and visitors.
The proposed Parking Lease provides for an initial one-year term, at a monthly parking payment of $1,215.00 ($14,580.00 per year), with four automatic one-year renewal options. On the effective date of each renewal period, the rental payment will increase automatically by 3% compounded annually.
The initial term will commence on the date of countersignature by the City Controller. Either party may terminate the Agreement by providing 90 days prior written notice to the other.
The tenant is responsible for maintenance, utilities, and insurance.
___________________________________________
Scott Minnix, Director of General Services Department