TO: Mayor and City Council
THROUGH: Kristin Retherford, Interim City Manager
FROM: Norman Wright, Community Development Department Director
SUBJECT:
title
Lease with the James A. Eastridge Living Trust for use of real property located at the intersection of Front Street SE and Ferry Street SE
Ward(s): 2
Councilor(s): Andersen
Neighborhood(s): CANDO
Result Area(s): Good Governance; Welcoming and Livable Community.
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SUMMARY:
summary
The City property located at the intersection of Ferry Street SE and Front Street SE identified as tax lot 073W27BA02300 (Property) is currently used for off street parking. The lease with the current user expires on July 31, 2022. Staff has come to terms with the James A. Eastridge Living Trust (Lessee) to lease the Property (Lease) (Attachment 1). Lessee owns several commercial buildings adjacent to the Property.
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ISSUE:
Shall City Council authorize the City Manager to execute the attached Lease for use of real property located at the intersection of Front Street SE and Ferry Street SE?
RECOMMENDATION:
recommendation
Authorize the City Manager to execute the attached Lease for use of real property located at the intersection of Front Street SE and Ferry Street SE.
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FACTS AND FINDINGS:
Staff and Lessee have come to terms on a proposed Lease for use of the Property. Key terms of the Lease are below.
Term: August 1, 2022 - July 31, 2024
Lease Rate: $750 per month
Site: 0.14 acre
Option Terms: 1 one-year renewal option
BACKGROUND:
Rental revenue from the Lease will go the General Fund. In FY 2024-2025, the Public Works Department plans to relocate City water infrastructure from under Front Street SE to the Property.
Clint Dameron
Real Property Services Manager
Attachments:
1. Lease