Fiscal Note
The proposed resolution authorizes a ten-year parking lease with Arts & Literature Laboratory, Inc. for spaces in the South Livingston Street Garage. Revenues from the lease will vary depending on the number of spaces used by the lessee, specific options contained in the lease, and current garage rates. At current garage rates, revenues from the lease are expected to range from $2,520 to $8,400 annually. Revenues from the lease support the Parking Fund and are in included in the Parking Division budget.
Title
Authorizing the Mayor and City Clerk to execute a parking lease agreement with Arts & Literature Laboratory Inc. for five parking spaces at the South Livingston Street Garage. (District 6)
Body
WHEREAS, Arts & Literature Laboratory Inc. is a tenant at 121 South Livingston St.; and
WHEREAS, Arts & Literature Laboratory Inc. has requested a 10-year parking lease term with the option of five (5), one (1) year extensions for up to five (5) parking spaces at the South Livingston Street Garage; and
WHEREAS, the executed lease provides five (5) parking spaces are made available to enter into a parking lease agreement with the City at the South Livingston Street Garage; and
WHEREAS, the terms of the lease have been negotiated by Arts & Literature Laboratory, Inc. and Parking Division management.
NOW, THEREFORE, BE IT RESOLVED, that the Mayor and City Clerk are authorized to execute a lease agreement with Arts & Literature Laboratory Inc. for up to five parking spaces at the South Livingston Street Garage upon substantially the terms and conditions contained in the attached Exhibit 1.
BE IT FURTHER RESOLVED, that the Mayor and City Clerk are hereby authorized to execute any and all documents that may be required to complete this lease transaction in a form approved by the City Attorney.