COUNCIL COMMUNICATION
TO: Honorable Mayor and Council
FROM: Kelly Garry, City Attorney
SUBJECT:Title
Approve Ground Lease Agreement with Campbell Cove Investments, LLC, for Gate Improvement/Encroachment (Kelly Garry)
Body
FUNDING SOURCE:
N/A
PURPOSE:
To approve a new Ground Lease Agreement with Campbell Cove Investments to allow it to continue to use and maintain a gate into its property.
BACKGROUND:
In 2012, the City granted permission under a Ground Lease Agreement to Campbell Cove Investments to locate on City property improvements necessary for the placement and operation of a gate. The prior agreement recently expired and Campbell Cove Investments desires to continue to lease a portion of City property for this purpose.
The proposed Ground Lease Agreement is for a term of ten years. The leased premises consists of approximately 600 square feet and is located adjacent to London Bridge Road (closest cross street is Dover Avenue). The proposed annual rental amount is $363.25 with an annual Consumer Price Index adjustment.
COMMUNITY IMPACT:
To maximize the utility of City-owned property not currently in use by the City.
FISCAL IMPACT:
Annual rent of $363.25 with an annual Consumer Price Index adjustment.
ATTACHMENTS:
Campbell Cove Investments Ground Lease Agreement
SUGGESTED MOTION:
I move to approve the Ground Lease Agreement with Campbell Cove Investments, LLC, for gate improvement/encroachment.