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ITEM: RESOLUTION NO. AC2014-03 (LEASE AGREEMENT BETWEEN ACME INPROVEMENT DISTRICT AND J. ALDERMAN FARMS, INC. FOR THE K-PARK SITE)
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE ACME IMPROVEMENT DISTRICT, FLORIDA APPROVING THE LEASE FOR PROPERTY LOCATED ON THE CORNER OF STATE ROAD 7 AND STRIBLING WAY TO J. ALDERMAN FARMS, INC. FOR THE PURPOSE OF ORGANIC VEGETABLE FARMING AND AUTHORIZING THE PRESIDENT AND BOARD SECRETARY TO EXECUTE THE LEASE AGREEMENT; AND PROVIDING AN EFFECTIVE DATE.
REQUEST: Authorization to execute a lease agreement, between the Acme Improvement District and J. Alderman Farms, Inc. for the K-Park site, in the amount of $54,675 for the initial lease term expiring on June 30, 2015.
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EXPLANATION: On December 14, 2010, Council approved a lease agreement between Acme Improvement District and J. Alderman Farms, Inc. to utilize the K-Park site for agricultural farming purposes. The initial term of the lease was effective from January 1, 2011 through June 30, 2012 and allowed for two additional one year extensions. On April 9, 2013 Council approved the second annual extension expiring on June 30, 2014.
Staff is seeking authorization to execute a new lease agreement with an initial term effective July 1, 2014 through June 30, 2015, with the option to extend the agreement for two (2) additional one (1) year terms. The lease payment for the initial term ending June 30, 2015 shall be $54,675.
If agreed upon by both parties, the payment for the first one (1) year renewal beginning on July 1, 2015 to June 30, 2016 shall be $56,325 and the second one (1) year renewal for the period of July 1, 2016 to June 30, 2017 shall be $58,025. All payments include a 3% annual increase from the existing agreement. The 3% increase is consistent with the increases during the first three years of the agreement.
The proposed farming agreement provides a 120 day notice of termination provided that, in any event, J. Alderman Far...
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