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| March 12, 2020 City Council Regular Meeting | |
| Title 56. Approval to Authorize the City Manager to Enter into a Billboard Lease with Lamar Companies at 1809 West US Hwy 80 (PIN 60827 01004). | |
| Strategic Priority Good Government | |
| Description In August of 2019, the City purchased 1809 West US Hwy 80 (PIN 60827 01004) for the purposes of an Interim Sanitation Headquarters. Fronting Highway 80, within property boundaries on the northern edge of the property, lies an existing advertising billboard owned by Lamar Companies. The City is interested in allowing Lamar to continue to use the billboard, albeit subject to a lease and payment of market rent. The City requested an appraisal from a well-qualified, state certified appraiser who determined market rental value to be $200 per month. Lamar Companies and the City have negotiated a 5-year lease for the appraised amount. Total anticipated income for the life of the lease is $12,000. | |
| Recommendation Approval | |
| Contact David Keating, Senior Director of Real Estate Services | |
| Financial Impact $2,400 per year to the General Fund | |
| Review Comments | |
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Attachments Exhibit 1: Map - Billboard Lease.pdf Exhibit 2: Agreement - Billboard Lease.pdf |
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