The City of Houston approved and authorized a Ground Lease and Purchase Option Agreement between the City of Houston, as Tenant, and Houston Police Officers' Pension System, as Landlord. The agreement is for approximately 4.7 acres of land, including all improvements thereon, located at 1600 Smith Street. The City of Houston Public Works – Combined Utility System (CUS) seeks to lease and have the option to purchase the building to accommodate its workforce due to deteriorating conditions at its current headquarters at 611 Walker. This move aims to provide a safer work environment, decrease maintenance costs, and offer tenancy options for other city departments. The ordinance allocates $79,000,000.00 in funds for the lease with the option to purchase the property.