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Home My WebLink About49-00 RESOLUTIONRESOLUTION NO. 49-00 MICROFILMED A RESOLUTION APPROVING THE RENEWAL OF THE CITY'S LEASE OF PARKING LOTS OWNED BY THE OFF-STREET PARICING DEVELOPMENT DISTRICT NO. 1. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the City Council hereby approves the renewal of the city's lease of parking lots owned by the Off -Street Parking Development District No. 1, and the Mayor and City Clerk to execute said agreement. A copy of the agreement is attached hereto marked Exhibit "A" and inade apart hereof. / 1,. . •aPASSED.AND APPROVED this 0 f fro* ; b` . / • • t ATTEST: By: ti Heather Woodruff, City rk 4th day of Aoril ,2000. APPROVED: By: Fred Hanna, Mayor NAME OF FILE: • AA':eztoi-;1 -79-- a O CROSS REFERENCE: Date Contents of File Initials 4-1,1-eo S‘tecs A-XIII6ET 71" (frezio tart") 3-10-00Plih 15) C1491 /7127,---3 blapii 3-21-10 Age/ix 7LIAnn dea„fr 44-00 2.1 492,10 ,A009 4 ail • LEASE AGREEMENT • EXHIBIT A This lease Agreement executed this 23 day of March, 2000, 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 fIVE (5) 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 is made prior to expiration of fIVE (5) 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 lease 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 derived from the leased premises. The term "net operating revenues" shall mean gross revenues less all costs of equipping, maintaining, and operating the lease 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, ARICANSAS By: #11:A Via tatoISSIO,ER , °M,:tor C MMISSIONER LESSOR CITY OF F ITEV LE, ARKANSAS By: MAY LESSEE LEASE AGREEMENT • This lease Agreement executed this 22)day of March, 2000, 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 fIVE (5) 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 is made prior to expiration of fIVE (5) 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 lease 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 derived from the leased premises. The term "net operating revenues" shall mean gross revenues less all costs of equipping, maintaining, and operating the lease 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. ATTEST: Si CITY CLERIC OFF-STREET PARKING DEVELOPMENT DISTRICT NO 1 OF THE CITY OF FAYETTEV_ILLE, A' LNSAS MISSIONER LESSOR CITY OF F By: LL , ARKANSAS MAYOR LESSEE Parking Management Office, 113 West Mountain, Fayetteville, AR 72701 501- 575- 8280 Fax 501-575 8316 March 10, 2000 Lamar Pettus 151 West Dickson Street Fayetteville, AR 72701 Dear Mr. Pettus, The city of Fayetteville's lease with Off -Street Parking Development District No. 1 expires March 2000. Enclosed is a lease agreement for the Off -Street Parking Development District No. l's review. If the enclosed contract meets with the districts approval pleas sign and forward to my attention at your earliest convenance. I am eager to reestablish our contract. Thank you for your time and consideration with this request. Sincerely, Ckaalk Apryl Okoroafor Parking Management Coordinator Enc.: Contract 1 • ‘trafirking Management Office, 113 West Mountain, Fayetteville, AR 72701 1— 4 501- 575- 8280 Fax 501-575 8316 March 10, 2000 Lamar Pettus 151 West Dickson Street Fayetteville, AR 72701 Dear Mr. Pettus, The city of Fayetteville's lease with Off -Street Parking Development District No. 1 expires March 2000. Enclosed is a lease agreement for the Off -Street Parking Development District No. l's review. If the enclosed contract meets with the districts approval pleas sign and forward to my attention at your earliest convenance. I am eager to reestablish our contract. Thank you for your time and consideration with this request. Sincerely, Ckaan_k Apry oroafor Parking Management Coordinator Enc.: Contract 4IPAFF REVIEW FORM X AGENDA REQUEST r CONTRACT REVIEW GRANT REVIEW For the Fayetteville City Council meeting FROM: Apryl Okoroafor Name Parking Management Division Administrative Services Department ACTION REQUIRED: Approval of the Contract Renewing the City's lease of parking lots owned by the Off Street Development District No. 1 for the next five years. COST TO CITY: kVA- Categon/rProject Budget Cost of this Request Account Number Project Number Category/Project Name Funds Used To Date Program Nar110 Remaining Balance Fund BUDGET REVIEW: Budgeted Item budget Coordinator Administrative Services Director Budget Adjustment Attatched CONTRACT/GRANT/LEASE REVIEW: 41 Accoun 40G M ager Fr City A om Purchasi g Officet 3-020-00 Date Internal Audit Date Si-aht-oo Date Granting Agency: ADA Coordlnat Date Date STAFF RECOMMENDATION: Staff recommended approval. Di re or Mayor ai frl Date ...3DAate 24.) Date Cross Reference New Item: YES NO Prev. Ord/Res #: Orig. Contract Date: STAr Rs yr Pos€2,- • • Page 2 • STAFF REVIEW FORM Description ail -SWEET -\\=hveitrinne040 e0/1-kraCi- Meeting Date A-peil 4 } ZOO Comments: Reference Comments: Budget Coordinator Accounting Manager City Attorney Purchasing Officer ADA Coordinator Internal Auditor IC�i+oMf in A Sessi ki 1 -12E -.51D NeEr) 11/4A— limAsgasu_ ooktij 40mA- NSF FAYETTEVILE THE CITY OF FAYETTEVILLE, ARKANSAS DEPARTMENTAL CORRESPONDENCE • To: Apryl Okoroafor, Parking Management From: Heather Woodruff, City Clerk Date. April 7, 2000 Attached is a copy of the resolution approving the renewal of the city's lease with the Off -Street Parking District. I am also returning one original for you to distribute. The original will be microfilmed and filed with the City Clerk. cc: Yolanda Fields, Community Development RESOLUTION NO. 49-00 A RESOLUTION APPROVING THE RENEWAL OF THE CITY'S LEASE OF PARKING LOTS OWNED BY THE OFF-STREET PARKING DEVELOPMENT DISTRICT NO. 1. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS• Section 1. That the City Council hereby approves the renewal of the city's lease of parking lots owned by the Off -Street Parking Development District No. 1, and the Mayor and City Clerk to execute said agreement. A copy of the agreement is attached hereto marked Exhibit "A" and made a.:part. hereof. / • • WAISSED.AND APPROVED this 4th day of April , 2000. ' 1 6 'I • • i ca. St` APPROVED. By: /61 C ATTEST: By: ,ra/m eze Heather Woodruff, City rk Fred Hanna, Mayor