1998-01-26 Workshop and Regular Meeting of City Council

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The actual rentals for the Leased Premises, Exhibit "A", to be paid to the Lessor by the Lessee, shall be determined by multiplying said basic rentals specified under paragraph 1 above by the index value determined for successive calendar years in the manner herein set forth. The index value for the calculation of actual rental rates shall be based on the Consumer Price Index for All Urban Consumers, using as base year 1982-84 = 100, published by the Bureau of Labor Statistics of the United States Department of Labor, and shall be calculated as follows: A. The index for any particular lease year shall be the index for the month of December of the calendar year next preceding the year for which the calculation is made. The index for the lease year 1997 is based on the December 1995 of 153.5, resulting in an annual rental rate of One Thousand Three Hundred Thirty-seven 29/100 Dollars ($1, 337.29) per acre for the lease year beginning January 1, 1996. This rate results in a total 1997 lease year ground rental for the Leased Premises of Two Thousand Six Hundred Seventy-four and 58/100 Dollars ($2,674.58). The index for lease year 1998 is based on the December 1996 index of 158.6, resulting in an annual rental rate of One Thousand Three Hundred Eighty-one 72/100 Dollars ($1,381.72) per acre for the lease year beginning January 1, 1996. This rate results in a total 1998 lease year ground rental for the Leased Premises of Two Thousand Seven Hundred Sixty-three and 44/100 Dollars ($2,763.44). B. The actual 'rental rate shall be determined prior to January 1st of each lease year and shall be effective for that lease year. C. In the event that the United States Department of Labor discontinues publication of the above index or data from which the index can be directly computed, or if the method for the determination of such index is substantially different than that existing at the time this Agreement and Lease is executed, the basis for the rental rate adjustment shall be the most closely comparable index published by the U.S. Government. l.a Effective January 1, 1998, for the 24 Tie -Down Areas described on Exhibit "B" attached hereto, the following rental: A. Lessee shall pay to Lessor, as additional rent, a sum equal to thirty percent (30t) of the gross revenues obtained from rental of tie -down spaces; provided, however, Lessee shall guarantee Lessor a yearly rental of not less that $144.00, multiplied by the 24 tie -downs leased; 3