Sponsor
Alderman Hart
Title
Lease Agreement for use of Municipal Parking Lot on Marquette Street
Resolved, that the Mayor and City Clerk be authorized and directed to enter into a lease agreement with Sam Azarian, Jr., for the municipal parking lot located on Marquette Street just North of State Street, with the following stipulations:
A. The term of the lease shall be for 20 years beginning January 1, 2008.
B. Either party may cancel this lease agreement after providing a 6 month written notice.
C. The Lessee shall provide all day-to-day maintenance including snow removal, litter control and grass cutting.
D. The rental rate shall be equivalent to $1.00 per year plus the stormwater fee which is assigned to this property.
E. Any capital improvements which are to be made to this property shall first be approved by the City of Racine.
F. If the City cancels the lease agreement prior to the 20 year term, the City agrees to pay to the lessee the cost of any capital improvements minus depreciation.
G. If the lease goes full term, the City shall not be responsible to pay any compensation to the lessee for any capital improvements.
Fiscal Note: This lease will relieve the City of Racine of maintenance responsibilities for this parking lot and will result in yearly revenues to the Parking System equal to the stormwater fee plus $1.00.