HomeMy WebLinkAbout26-80 RESOLUTION•
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RESOLUTION NO. o?(v-eYO
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE A LEASE AGREEMENT WITH THE OFFSTREET PARKING DEVELOPMENT
DISTRICT NO. 1 OF THE CITY OF FAYETTEVILLE, ARKANSAS WITH
LEASING OF OFFSTREET PARKING LOTS.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
That the Mayor and City Clerk are hereby authorized and
directed to execute a lease with Offstreet Parking Development
District No. 1 of the City of Fayetteville, Arkansas for the
leasing of offstreet parking lots: A copy of the lease
authorized for execution hereby is attached hereto, marked
Exhibit "A" and made a part hereof.
PASSED AND APPROVED this / ' day of March, 1980.
ATTEST:
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APPROVED:
MICROFILMED
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LEASE
AGREEMENT
This Lease Agreement executed this /day of
1980, by and between OFF-STREET PARKING DEVELOPMENT DISTRICT
NO. 1 of the City of Fayetteville, Arkansas (hereinafter
called "Lessor"), and the CITY OF FAYETTEVILLE, Arkansas
(hereinafter called "Lessee").
In consideration of the mutual covenants contained
herein, the parties hereby agree as follows:
1. Lessor hereby leases to Lessee, and Lessee hereby
leases from Lessor, the real property described in Exhibit "A"
attached hereto and made a part hereof.
2. The term of this Lease shall be for a period of ten
(10) years commencing on the date of execution hereof;
provided, this Lease shall automatically terminate at such
time as the principal and interest on all Improvement District
Bonds issued by Lessor is paid in full, if such payment in
full shall be made prior to expiration of ten (10) years
from the date hereof.
3. Lessee hereby agrees that during the term of this
Lease, or any extension thereof, Lessee shall operate the
leased premises as revenue producing off-street parking
lots; Lessee agrees to equip the leased premises with parking
meters or parking gates; Lessee agrees to collect the revenues
from the parking meters or parking gates located on the
leased premises; and Lessee agrees to police the leased
premises to insure that motorists parking thereon are paying
required useage fees as are now, or as may hereafter, be
established by Lessee.
4. Lessee agrees to pay over to Lessor during the term
of this Lease, or any extension thereof, the net operating
revenues derived from the leased premises. The term "net
operating revenues" shall mean gross revenues less all costs
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of equipping, maintaining, and operating the leased premises
as off-street parking lots. Said revenues shall be paid to
Lessor quarterly.
IN WITNESS WHEREOF, the parties have executed this
Lease Agreement on thedate first above written.
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`ATTEST '4?
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• — ITY; CLERK
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OFF-STREET PARKING DEVELOPMENT
DISTRICT NO. 1 OF THE CITY
OF FAYETTEVILLE, ARKANSAS
By: PSI IW VACA0/1— art..-- •
COMMISSIONER
1 to -
COMMISSIONER COMMISSIONER
COMMISSIONER
LESSOR
CITY OF FAYETTEVILLE, ARKANSAS
B
LESSEE
EXHIBIT "A"
The following lots as reflected on the original plat
of the town (now City) of Fayetteville, Arkansas, on file
in the office of the Circuit Clerk and Ex -Officio Recorder
of Washington County, Arkansas:
Lots
Lots
Lots
Lots
1 and 2 in Block 13;
7, 8, 9, and 10 in Block 17;
1 and part of lot 2 in Block 25;
8, 9, 10, 11, 12, 13, 14 and 15 in
Block 30.