Sponsor
Alderman Helding
Title
Agreements with Adams Outdoor Advertising
Resolved, that the Mayor and City Clerk be authorized and directed to enter into such agreements, deeds, leases, or easements with Adams Outdoor Advertising as needed to complete the exchange of properties as listed below:
Properties that Adams Outdoor Advertising will transfer to the City of Racine:
1. 920-24 S. Memorial Drive (Parcel #3414000)
2. 1143 Douglas Avenue (Parcel #1988000)
3. 1601 Racine Street (Parcel #9088000)
4. 1700-16 Racine Street (Parcel #17214000)
Adams Outdoor Advertising will receive easements to erect and maintain off-premise signage (a.k.a. billboards) on these city-owned properties:
A. 1601 Racine Street (Parcel #9088000)
B. 1700-16 Racine Street (Parcel #17214000)
C. 1301 W. Sixth Street (Parcel #16857000) - update existing lease
D. 1728 N. Memorial Drive (Parcel #18493000)
Fiscal Note: The transaction calls for the City to receive real estate with an assessed value of $435,000.00 in lieu of annual payment of rent.