Amendment To Extend the Term of the Existing Enhanced-Use Lease (EUL) at the Department of Veterans Affairs (VA) Michael E. DeBakey VA Medical Center (VAMC) in Houston, TX
The Secretary of VA intends to enter into an amendment to extend the term of the existing EUL with Amelang Partners, LLC (lessee) at the Michael E. DeBakey VAMC in Houston, Texas. VA proposes to extend the term of the existing lease from 35 years to 75 years. The lessee will continue to lease approximately 8.18 acres of land at the VAMC, and finance, design, develop, construct, operate, manage, and maintain a mixed-use facility on the VAMC campus. In return for VA granting the EUL extension, the lessee will (a) convey to VA an approximately 7.64 acre parking lot currently serving VA, and (b) at commencement of the 40-year extension, pay VA fair market value of the aforementioned 8.18 acres of land, based on an appraisal of the underlying land and improvements. The lessee shall bear full financial and legal responsibility to redevelop and maintain the property as a mixed-use property at no cost to VA. VA plans to use the additional lease consideration from the anticipated 40-year lease extension to serve Veterans at the Michael E. DeBakey VAMC.