Agenda Item # 10.e.
City Commission Regular Meeting
- Meeting Date:
- 03/06/2017
- Re
- Lease Extension Agreement for Parking Lot
- Submitted For:
- Mike Reals
SUBJECT:
Approval of a twenty-four (24) month Lease Extension Agreement between the City of Fort Pierce and FP-DW, LLC and FP-DX, LLC for certain parcels along Indian River Drive, that are being utilized to provide additional parking spaces for the public.
SUMMARY:
The original Lease Agreement with Location Development Corp was for a 2-year period effective March 1, 2012, The Lease Agreement included a 1-year extension, which expired February 28, 2015. On April 18, 2016, another 2-year extension was approved making the agreement current with an expiration date of February 28, 2017.
The city pays rent on a quarterly basis, which is equal to the total tax bills on the two parcels listed in the Lease as Parcel "W" and Parcel "X"
The city pays rent on a quarterly basis, which is equal to the total tax bills on the two parcels listed in the Lease as Parcel "W" and Parcel "X"
RECOMMENDATION:
Staff recommends approval
ALTERNATIVES:
Staff will proceed as directed by the City Commission.
RESPONSIBLE STAFF:
Public Works Department
COORDINATED WITH:
City Attorney
Fiscal Impact
- Budgeted Y/N:
- Y
- Fiscal Year:
- 2017
- Account:
- 40141005756360
- Amount:
- TBD Annualy
FISCAL IMPACT:
This expense is budgeted and renewed with the same terms as previous contract, which is payment of the annual tax bill on a quarterly basis. The 2016 tax bill for both parcels was $7,038.32
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Finance Department | Johnna Morris | 03/01/2017 12:11 PM |
| City Manager | Nick Mimms | 03/01/2017 02:26 PM |
- Form Started By:
- kczarnecki
- Started On:
- 02/21/2017 09:11 AM
- Final Approval Date:
- 03/01/2017