|June 22, 2017 City Council Regular Meeting (Amended June 20, 2017)|
Motion to Approve Billboard Lease on City Property with Lamar Advertising Company
The Lamar Advertising Company currently pays an annual rental rate at $5,250.00 for the billboard site located on Interchange Court, east side of I-516, 0.2 miles north of I-16, Parcel I.D. 2-0597-01-001. The existing lease expired August 31, 2010 and has automatically renewed since then, in accordance with lease terms.
The Tenant has agreed to an increased annual base rent amount at $6,000.00, or 30% of the annual net revenue as derived from the advertising display face(s), whichever amount is greater.
The Tenant has been informed and further agrees that an early lease termination may occur during the next 5 years. The lease agreement includes a 60-day termination notice, which may be exercised by either party at any time.
The proposed lease renewal has been reviewed by Development Services, the Bureau of Public Works and Water Resources, and Real Property Services. The following condition(s) and response(s) are noted:
David Keating, Real Property Services
Revenue to the City in the amount of $6,000 per year, or 30% annual net revenue, whichever is greater..
6.5.2017 Draft 640.Lease.SAV.pdf