TO: Mayor and City Council
THROUGH: Keith Stahley, City Manager
FROM: Kristin Retherford, Director, Community Planning and Development Department
SUBJECT:
title
Ground lease with I&E Construction, Inc. for a portion of the undeveloped East Park property.
Ward(s): 6
Councilor(s): Hoy
Neighborhood(s): ELNA
Result Area(s): Good Governance; Strong and Diverse Economy.
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SUMMARY:
summary
The City purchased the 6.63-acre East Park property located near the intersection of State Street and Cordon Road NE in January 2024. I&E Construction, Inc. (Lessee) (Kiril Ivanov, President) is developing the adjacent property as multi-family housing and desires to lease a one half-acre portion of the East Park property (Property) for construction staging.
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ISSUE:
Shall City Council authorize the City Manager to execute the attached lease with Lessee for use of the Property?
RECOMMENDATION:
recommendation
Authorize the City Manager to execute the attached lease with Lessee for use of the Property.
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FACTS AND FINDINGS:
Staff and Lessee have come to terms on a proposed lease (Lease) (Attachment 1). Key terms of the Lease are below.
Term: One year (June 1, 2024 - May 31, 2025)
Acreage: 0.5
Rent: $952/month
BACKGROUND:
The East Park property is the site of a future Urban Park. Revenue from the Lease will flow to the Parks System Development Charges fund.
Clint Dameron
Real Property Services Manager
Attachments:
1. Lease
2. Exhibit B to Lease