Title
A Resolution authorizing the Mayor, on behalf of the Urban County Government, to execute a Lease Agreement with Lexington and Fayette County Parking Authority, for lease of space at 101 East Vine St. [Dept. of General Services, Hamilton]
Summary
Authorization to execute a Lease Agreement with Lexington & Fayette County Parking Authority for space within the Phoenix Building. (L794-12) (Hamilton)
This is a request to execute a Lease Agreement with Lexington & Fayette County Parking Authority for space within the Phoenix Building. The term is for one (1) year, effective July 1, 2012 and ending June 30, 2013 with an option of automatic extension for two (2) additional one (1) year terms. The average annual revenue over the entire term is $8,169.72.
Budgetary Implications: Yes (Revenue)
Advance Document Review: Law (used standardized lease document approved through Ordinance 0145-2011).
Fully Budgeted: No
Account Number: 1101-011001-0001-42181
This Fiscal Year Impact: $6,760.02 (includes $2,260.02 in additional rental revenue above their projected $4,500.00 annual rental rate).
Annual Impact: $8,169.72 (average annual impact over three years)
Project:
Activity:
Budget Reference:
Current Balance: FY 2013 Revenue
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized to execute the lease agreement, which is attached hereto and incorporated herein by reference, with Lexington & Fayette County Parking Authority for lease of space at 101 East Vine Street.
Section 2 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
___________________________________
MAYOR
ATTEST:
________________________________
CLERK OF URBAN COUNTY COUNCIL