Title
Authorize the City Manager to execute a Consent to Assignment of Ground Lease with LBL - Birdhouse 3, LLC.
Body
On March 1, 2003, the City of Mesquite entered into a ground lease with Norman Preskitt and Stephen Silver to build an 8,000-square-foot facility (6,000-square-feet of hangar space and 2,000-square-feet of office space) located at 1290 Airport Boulevard. The initial term of the ground lease is 30 years with two 10-year extensions. LBL - Birdhouse 3, LLC, has negotiated terms to purchase the facility under the same terms and conditions of the initial ground lease.
The City Attorney’s office has reviewed the Consent to Assignment.
Recommended/Desired Action
Staff recommends approval of the lease assignment.
Drafter
Eric Pratt, C.M.
Head of Department
Eric Pratt, C.M.