FACILITIESAPPROVED

Gregg County Net Ground Lease Agreement April 2024

Gregg County Airport Ground Lease to Greggton Resources

$1,755.00 annually, or $146.25 monthly ($0.15 per square foot for 11,700 SF), subject to CPI-based increases up to 12% per renewal termGregg CountyGREGGTON RESOURCES LLCApril 8, 2024

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Description

Gregg County approved a net ground lease with Greggton Resources, LLC for property at East Texas Regional Airport at an initial rent of $1,755 annually ($146.25 monthly) for a five-year base term. The lease includes four optional five-year renewals with CPI-based rent adjustments and assigns utilities, taxes, and maintenance responsibilities to the tenant.

Contract Details

Contract Amount

$1,755.00 annually, or $146.25 monthly ($0.15 per square foot for 11,700 SF), subject to CPI-based increases up to 12% per renewal term

Vendor

GREGGTON RESOURCES LLC

Agency

Gregg County, TX

Contract Type

FACILITIES

Document Date

April 8, 2024

Contract Term

Base term of five (5) years beginning on 4/8/24, with option for four (4) successive five (5) year renewal terms

Renewal Date

2029-04-08

Renewal Info

Initial five-year base term from 4/8/24 with four successive five-year renewal options, exercisable subject to conditions in the lease. Rent for each renewal term may be increased based on the Consumer Price Index but not more than 12% over the preceding term’s rent.