Commissioners Court - Regular Session

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42.

Meeting Date:	02/22/2011
Submitted By:	Wendy Coco, County Judge
Department:	County Judge

Information

Agenda Item

Discuss and take appropriate action on an amendment to a lease between Carquest and Williamson County regarding the property located at 909 Austin Avenue, Georgetown, Texas 78626.

Background

The time allowed for Carquest to exercise its right to extend was extended this past January 4th to allow time to negotiate this amendment. The current term of the lease ends June 30, 2011. In the proposed Amendment and Extension Agreement, Carquest is exercising its option to extend the lease for an additional three years (Option #1). Such extension will have an effective date of January 1, 2011. Should Carquest elect to exercise its last option period (option period for two additional years), they must do so in 2014.

Hal Hawes, Legal Advisor, is of the opinion that agreeing to this amendment places Williamson County in a more flexible position than it is currently in when considering the terms of the current lease allows for a two five year options periods. The county purchased the property subject to this lease and the county really does not have any right or ability to terminate the lease short of a default committed by Carquest. As noted above, if the county chose not to agree to this amendment, Carquest has a legal right per the terms of the original lease to lease the property for an additional ten years.

Fiscal Impact

From/To	Acct No.	Description	Amount

Attachments
Carquest Lease

Form Review

Form Started By: Wendy Coco		Started On: 02/18/2011 02:57 PM
Final Approval Date: 02/18/2011