…title
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 $30,000 annually.
…body
EXPLANATION: Staff is seeking authorization to execute a lease agreement between ACME Improvement District and J. Alderman Farms, Inc. to utilize the K-Park site for agricultural farming purposes, effective October 1, 2021 through July 31, 2022 (10 months), with the option to extend the agreement for four (4) one (1) year renewal periods, beginning on August 1, 2022.
The lease payment for the initial term ending July 31, 2022 (10 months) shall be $25,000. Any extensions beyond the initial term shall be for a year (12 months) at $30,000 annually.
As part of the agreement, J. Alderman Farms, Inc. shall be responsible for paying any applicable property taxes.
The proposed agreements provides for 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 an initial ten (10) month term, effective October 1, 2021 through July 31, 2022, in the amount of $25,000, plus applicable property taxes.
BUDGET AMENDMENT REQUIRED: NO
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY: YES
FISCAL IMPACT: Revenue generating agreement of $30,000 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 $30,000 annually.