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ITEM: AUTHORIZATION TO EXECUTE A LEASE AGREEMENT BETWEEN ACME IMPROVEMENT DISTRICT AND J. ALDERMAN FARMS, INC. FOR THE K-PARK SITE
REQUEST: Authorization to execute a lease agreement between Acme Improvement District and J. Alderman Farms, Inc. for the K-Park site in the amount of $40,000 annually.
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EXPLANATION: On May 24, 2016, Council approved the final extension on the lease agreement between Acme Improvement District and J. Alderman Farms, Inc. to utilize the K-Park site for agricultural farming purposes, effective through June 30, 2017.
Staff is seeking authorization to execute a new lease agreement with an initial term effective July 1, 2017 through June 30, 2018, 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, 2018 shall be $40,000.
As part of the agreement, J. Alderman Farms, Inc. shall be responsible for paying any applicable property taxes.
The proposed farming agreement provides a 120-day notice of termination provided that in any event J. Alderman Farms, Inc. be able to complete the growing and harvesting of any crops that have been planted prior to the expiration of the 120-day notice.
Staff recommends executing a lease agreement between Acme Improvement District and J. Alderman Farms, Inc., for one year, effective through June 30, 2018, in the amount of $40,000 annually.
BUDGET AMENDMENT REQUIRED: NO
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY: YES
FISCAL IMPACT: Revenue generating agreement of $40,000 annually.
WELLINGTON FUNDAMENTAL: Responsive Government
RECOMMENDATION: Authorization to execute a lease agreement between Acme Improvement District and J. Alderman Farms, Inc. for the K-Park site in the amount of $40,000 annually.