INTER-OFFICE MEMORANDUM December 9, 2020
TO: Pat Davis, President, City Council
FROM: Timothy M. Keller, Mayor
SUBJECT: title
Ground Lease Agreement between the City of Albuquerque and the New Mexico BioPark Society
body
The City owns the land located at 1320 Iron Ave. SW/903 Tenth St. SW and the New Mexico BioPark Society currently owns the building located on the property to provide services and for the operation of the BioPark’s Carousel, duck feeding program, membership office at the Zoo main gate and special fundraising activities. The New Mexico BioPark Society will also be overseeing Admission. The current location of the building is essential for the New Mexico BioPark Society to continue to provide these services.
The proposed Lease Agreement is for a five (5) year period with the option to renew for an additional five (5) year period, if lessee is in compliance with the lease and if properly exercised. Proposed annual rent is $4,274.00 and the initial five (5) year term will generate $21,370.00 in revenue for the City.
This Lease Agreement is forwarded to City Council for approval.
TITLE/SUBJECT OF LEGISLATION: Ground Lease Agreement between the City of Albuquerque and the New Mexico BioPark Society
Approved: Approved as to Legal Form:
____________________ _ __ _________________________ ___
Sarita Nair Date Esteban A. Aguilar, Jr. Date
Chief Administrative Officer City Attorney
Recommended:
_______________________________
Shelle Sanchez Date
Director, Cultural Services Department