HomeMy WebLinkAbout91-92 RESOLUTION•
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RESOLUTION NO. g1-92
A RESOLUTION AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE A LEASE AGREEMENT WITH THE
OFF-STREET PARKING DEVELOPMENT DISTRICT NO. 1
OF THE CITY OF FAYE':TEVILLE, ARKANSAS FOR
LEASING OF OFF-STREET PARKING LOTS.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYE'1TEVILLE, ARKANSAS:
Section 1. That the Mayor and City Clerk are hereby
authorized and directed to execute a lease with Off-street Parking
Development District No. 1 of the City of Fayetteville, Arkansas
for the leasing of off-street 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 _loth day of June , 1992.
APPROVED:
4� Ste\
Mayor
ATTEST:
By: Sas
City C1 k
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LEASE AGREEMENT
This Lease Agreement executed this 18th day of March. 1990,
by and between °FF -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 i of lows:
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 110)
years commencing en 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 is full shall be made prior to
expiration of ten (101 years from the date hereat.
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 a%reel to
equip the leased premises with parking meters or parking gates;
1.. .. 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 usage 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
T•( N7.000 .AW FlRM
20 EMT MOONTMh r . DRAWER Sill
FAYETTEV01[, MIC 71102-01'6
921 321 3310
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derived from the leased premises. The tern 'net operating
revenues' shall mean gross revenues less all costs 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 the date first above written.
OFF-STREET PARKING DEVELOPMENT
DISTRICT NO. 1 OF THE CITY OF
FAYETTEVILLE, ARKANSAS
ATTEST:
CITY �ER}
Y
By ryreGC._
OMMISS
Pk/I; 1,
ION=
LESSOR
CITY OF FAYETTEVILLE, ARKANSAS
2
MAYOR
LESSEE
THE h1R.000 IAW F RM
20 FAY MOUNTAIN S* • DRAWER WR
FAYETTEVILLE NW TT=DI R
'-501-221-5610
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• MODIFICATION OF LEASE V ' :E:mENT
This agreenen, lade this Se 74'lg6e
1982, by and between the Off-Streel: ' r'•ing Development District
No 1 of the City of Fayetteville, A:--'nsas, hereinafter
called Lessor, and the City of Fayetteville, Arkansas, herein-
aicer called Lessee.
WHEREAS, the parties hereto have entered into a Lease
Agreement dated March 8, 1980, a copy of which is attached
hereto, marked Exhibit "A" and made a nart hereof; and
WHEREAS, the parties desire to enter into an agreement
supplementing the provisions of sai•i ::reement.
NOW, THEREFORE, the parties r.u• . '.s agree as follows.
1. Exhibit "A" to said apreer;L::: is modified to read
as follows.
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N.. • _ • Lots
Lots
Lrts
i/.; :nisi Lets
1 and
7, 8,
1 and
8, 9,
2 in Block 13; 6:1 Ye' 'J'"3
9, and 10 in Block _7;'n•• -`t R-1 1, lit,
part of lot 2 in Block 25; A r.v.w.i st /.t.
14 and 15 in Bock 30. Fr• .Yaf- za.
2. All provisions of the agreement are incorporated
herein and are hereby supplemented to conform herewith but
in all other respects are to be and shall continue in full
force.
IN WITNESS WHEREOF, the parties have executed this
Modification of Parking Agreement on the day and year first
above written.
CITY OF FAYETTEVILLE,
ARKANSAS
By&&
Mayor
ATTEST:
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OFF-STREET PARKING DEVELOPMENT
DISTRICT N0. 1 OF THE CITY OF
FAYETTEVILLE, ARKANSAS
By Q
ty er c
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