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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 2/28/2022 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Amendment to Ground Lease at 1013 & 1045 15th Place. | | RECOMMENDED ACTION: | Approval of Contract Modification |
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| | | | | | | | ITEM SUMMARY To approve a Ground Lease Amendment Agreement between the City of Plano and WWC LXXV, LP for real property located at 1013 and 1045 15th Place; and authorizing the City Manager to execute all necessary documents. Approved |
| | | | | | | | PREVIOUS ACTION/PRESENTATION The last modification to the Ground Lease for City property at 1013 and 1045 15th Place was approved by the Plano City Council at its October 13, 2014 meeting. The modification extended the lease term to 2084 and granted the City rights to monitor the public parking spaces in the garage in the same manner as other parking garages with public parking in Downtown Plano. |
| | | | | | | | BACKGROUND The City of Plano owns the land beneath the Bel Air K Station apartment complex across from Plano Municipal Center. This land was leased to developer in September 2000 to construct multi-family housing and has subsequently been transferred as the buildings on the site have changed ownership. The ground lease was most recently transferred from the previous lease holder to WWC LXXV, LP on February 15, 2022. In advance of the transaction, the new lessee requested and worked with City staff to prepare an amendment to the ground lease for the benefit of the leasehold mortgagee providing their financing for the acquisition. This type of amendment is specifically permitted within the the ground lease so long as the amendment is consistent with the terms of the lease and reasonable to the City. Staff recommends approval of this ground lease amendment. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This item has no financial impact.
Approval of this item will support the City's Strategic Plan Critical Success Factor of being an Excellent, Innovative, and Accountable City Government. |
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