Posting Language
Title
Authorize negotiation and execution of a lease agreement with Slice Padel Co., LLC, on behalf of Austin Convention Center department, for an initial term of three years, plus two one-year extension options, for approximately 42,654 square feet of space on the top level of the City-owned parking garage located at 601 East 5th Street, Austin, Texas 78701, including approximately 118 parking spaces. Funding: This item is projected to result in additional revenue of $3,000 in the Fiscal Year 2025-2026 Operating Budget and $33,000 in the Fiscal Year 2026-2027 Operating Budget of the Austin Convention Center department.
De
Lead Department
Austin Financial Services.
Fiscal Note
This item is projected to result in additional revenue of $3,000 in the Fiscal Year 2025-2026 Operating Budget and $33,000 in the Fiscal Year 2026-2027 Operating Budget of the Austin Convention Center department.
For More Information:
Brandon Williamson, Austin Financial Services, 512-974-5666; Michael Gates, Austin Financial Services, 512-974-5639; Hays Thompson, Austin Convention Center, 512-404-4262.
Additional Backup Information:
The proposed lease agreement is for approximately 42,654 square feet of currently underutilized rooftop parking spaces, consisting of approximately 118 parking spaces, for use as a racquet sports facility. The tenant will accept the premises in its existing "as-is" condition and will be solely responsible for all costs associated with the design, construction, operation, maintenance, and improvement of the rooftop space. The tenant's investment is estimated at $500,000. The proposed use is temporary, and the lease term aligns with the redevelopment schedule of the Austin Convention Center. During the redevelopment of the Austin Convention Center, the proposed agreement will create an opportunity for the City to generate revenue from an otherwise underutilized City asset and provide a recreational facility.
Slice Padel Co., LLC will opera...
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