HomeMy WebLinkAbout~Master - A Three-Year Lease Agreement for the Welch Parking Lot T RESOLUTION NO.22-221
RESOLUTION APPROVING A THREE-YEAR LEASE AGREEMENT FOR
THE WELCH PARKING LOT T
FOR THE CITY OF AMES,IOWA
WHEREAS,on May 28,2019,City Council approved a three-year extension to the Lease of the lot
located at 207 Welch Avenue(known as the Campustown Welch Avenue Parking Lot T),which is owned
by Green Book LLC(Pizza Pit); and,
WHEREAS,Welch Lot T contains 29 spaces,including ten rented and 19 metered spaces; and,
WHEREAS,the City receives revenue from this lot through the leasing of the rental spaces and from
the revenue from the meters; and,
WHEREAS,the Lease Agreement includes a provision for an additional three-year extension,at the
City's option; and,
WHEREAS,if the City chooses to enter into this extension,the current rate of$15,900 per year will
increase by 6.6%to $16,950 for each year of the additional three years; and,
WHEREAS, the lease rate that the Pizza Pit pays for its four reserved stalls will also increase by
6.6%from$36.75/space/month to $39.18, or$1,880 annually; and,
WHEREAS, the City will pay 63% of the taxes on the value of the land only, based on the most
current tax information,which equates to approximately 61.7% of the total annual property taxes that are
estimated to be $12,069 in the first year of the Lease; and,
WHEREAS,the expense for the City's portion of the taxes and annual lease rate is budgeted from
the Parking Fund; and,
WHEREAS,the Agreement allows either party to cancel this agreement with 90-day notice.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that the
three-year Lease Agreement for the Welch Parking Lot T at the rate of$16,950 per year,for three years,and
paying 63% of the annual property taxes, is hereby approved.
ADOPTED THIS 10ffi day of May, 2022.
Diane R.Voss, City Clerk John A. Haila,Mayor
Introduced by: Betcher
Seconded by: Corrieri
Voting aye: Beatty-Hansen,Betcher, Corrieri, Gartin, Junck,Rollins
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 10ffi day of May, 2022.