LEGISLATIVE ACTION ITEM
SPONSOR: Grover C. Robinson, IV, Mayor
SUBJECT:
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APPROVAL OF LESSOR RATIFICATION AND ESTOPPEL
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RECOMMENDATION:
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That City Council approve the execution of the Lessor Ratification and Estoppel of the Ground Lease with Sandspur Development, LLC for the Benefit of Siemens Financial Services, Inc. relating to the assignment of a sublease from 2400 Block Airport Blvd, LLC to 5100 Pensacola Stolley, LLC. Further, that City Council authorize the Mayor to take all actions necessary to execute the ratification and estoppel.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
Chad Henderson through his entity, 2400 Block Airport Blvd, LLC, (2400 BAB) was given a sublease by Sandspur Development, LLC, to develop and build the Baptist Urgent Care facility on Airport Blvd. Sandspur is the lessee of the City. Mr. Henderson is forming a new joint venture with 5100 Pensacola Stolley, LLC and is contributing the assignment of the sublease with 2400 BAB. Siemens seeks assurance from the City that the ground lease between the City and Sandspur is still valid and in effect as is the easement granted to the City for its benefit. With this assurance, Siemens will consent to the assignment of the mortgage and loan to the new borrower, 5100 Pensacola Stolley.
PRIOR ACTION:
November 21, 2008 - City Council approved the ground lease between the City and Sandspur.
July 17, 2020 - City Council amended the ground lease between the City and Sandspur.
April 20, 2018 - City Council approved Consent and Estoppel for the benefit of Siemens.
FUNDING:
N/A
FINANCIAL IMPACT:
None
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
11/16/2021
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Matt Coughlin, Airport Director
ATTACHMENTS:
1) Ratification and Estoppel Chad Henderson Sublease
2) Lessor Consent, Agreement and Estoppel - Siemens - City
3) Easement Agreement and Restrictive Covenant - Sandspur
PRESENTATION: No end