Sponsor
Alderman Hart
Title
Lease Agreement for use of river frontage
Resolved, that the Mayor and City Clerk be authorized and directed to enter into a lease agreement with Peter R. Mauer for use of 60 lineal feet of river frontage at the terminus of Superior Street at the Root River, including the right-of-way to the south line of Liberty Street excepting that portion which is utilized by CNH, Inc. as a driveway entrance, for a three-year period from January 1, 2008 to December 31, 2010 subject to the terms and conditions contained in the lease agreement dated April 14, 2000, except that the yearly annual rental shall be increased by 3% per year beginning with a rental rate due in January 2008 of $728.85.
Fiscal Note: This agreement will result in approximately $2,250.00 in revenue to the City of Racine over the three-year period.