TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Approve the Mutual Termination of Lease Agreement By and Between the City of North Port, Florida and the Jockey Club of North Port Property Owners’ Association, Inc., Relating to Approximately 24.33 Acres of City-Owned Property Located Within Tracts E, J, K, and L of the Fifty-Second Addition to Port Charlotte.
Recommended Action
Option 1: Approve the Mutual Termination of Lease Agreement by and between the City of North Port, Florida, and the Jockey Club of North Port Property Owners’ Association, Inc., relating to approximately 24.33 acres of City-owned property located within Tracts E, J, K, and L of the Fifty-Second Addition to Port Charlotte.
City Commission Options
Option 1: Approve the Mutual Termination of Lease Agreement between the City of North Port, Florida, and the Jockey Club of North Port Property Owners’ Association, Inc., relating to approximately 24.33 acres of City-owned property located within tracts E, J, K, and L of the Fifty-Second Addition to Port Charlotte.
Pros: Returns possession and control of the property to the City for future management and use.
Cons: Requires the City to assume responsibility for the property following termination of the lease, including any required insurance coverage and other management needs.
Option 2: Deny the Mutual Termination of Lease Agreement between the City of North Port, Florida, and the Jockey Club of North Port Property Owners’ Association, Inc.
Pros: Allows the existing lease to remain in place, including the Jockey Club's current responsibility for maintaining liability insurance on the property.
Cons: Continues the existing perpetual lease and does not return possession and control of the property to the City. The City and Jockey Club may need to continue discussions regarding the future of the property and the lease.
Background Information
The following provi...
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