Summary of Agreement
Summary of Proposed Agreement between Eanes ISD and Westlake Athletic Center, LLC (“WAC”)
- Eanes ISD leases WAC approximately 5.68 acres on the District’s Shriner property adjacent to Westlake High School to build the Westlake Athletic and Community Center
- Land use is restricted to the construction of athletic and activities facilities to benefit both Eanes ISD students and the Eanes community.
- Initial term of lease is 35 years, with three additional 5-year extensions at WAC’s option.
- WAC will pay EISD $60,000 per year for rent, beginning 10 years after the facility opens, with annual escalation of 2.5%.
- WAC will design, construct, maintain and operate facility at WAC’s expense, including utilities and capital improvements.
- EISD must approve the facility design, and the design must adhere to EISD’s facility standards for school buildings.
- EISD has priority right to use the facility on all school days between 6:00 am and 5:30 pm, and during August after the start of UIL practice. Other dates and times are available upon EISD’s request, subject to availability.
- WAC must commence construction of the facility within 2 years.
- Title and ownership of the facility transfers to EISD at the end of the 10th year of operations.
- Westlake Aquatics Center, LLC (WAQC), a potential sublessee, has 3 years to finalize plans for an aquatics center on the site. If a plan is not finalize by such time, EISD may carve property out of the lease for EISD to construct an aquatic center, or to allow another party to construct it.
- WAC must provide EISD with an annual financial report, including an income statement, balance sheet, change in equity report including any distributions, and cash flow statement.
- EISD may, at no cost, use parking on the WAC lease site during school days and during high school varsity football games, except that 50 spaces will be reserved for WAC use only.