Subject:
Title
Consider approving a lease for nine parking spaces between 50 North Main Street and 90 North Main Street to Longacre Investments, LLC.
Body
Presented By: Chris Brown, City Attorney
Recommendation and Review
Since approximately 2000, the City has leased parking spaces to the owner of 90 North Main Street to be used in connection with the businesses located at that location. The building was sold in late December to Longacre Investments, LLC. Prior to closing the new owner sought assurances that the City would enter into a new lease for the nine parking spaces which are critical to the businesses which occupy the building. This lease is for a term of five years, with the potential to renew for two additional five-year terms. The lease amount will initially be $3,510 per year and will be determined each year by the City’s Downtown Parking Services. The parking spaces are open to the public between 6:00 PM and 7:00 AM.