Title
Consider Renewing Ground Lease Agreement for Overflow Parking
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
The City has entered into a Ground Lease Agreement each year with Wallace Living Trust (George C. Wallace) for overflow parking in exchange for cutting and weed eating two parcels of property. The current lease expires June 26, 2014.
SOURCE OF FUNDING:
Please provide the amount requested:
Is this a budgeted item? Yes /No
Please provide the budgeted amount: $_____________ Account No. ___________________________
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
WHEREAS, since 2006 the City of Foley has entered into a Ground Lease Agreement to accommodate the City's need for overflow parking during special events held at Heritage Park, and
WHEREAS, George C. Wallace and Evelyn L. Wallace, under Wallace Living Trust, have property located east of Heritage Park and is willing to enter into a one-year ground lease.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Authorizes a one-year term ground lease agreement between Wallace Living Trust for Tax Map Park #05-54-08-28-2-000-036.001 and 05-54-08-28-2-000-036.000, Lots 1, 2 and 3 of Block 3 Magnolia Springs Land Company Addition.
SECTION 2: The City of Foley agrees to the maintenance and upkeep of the land to include mowing grass and noxious weeds in areas that are needed.
SECTION 3: This Resolution shall become effective immediately upon its adoption as required by law.