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| October 25, 2018, City Council Regular Meeting | |
| Title 40. Motion to Approve Lease Agreement for Motorcoach Parking at 602 East Lathrop Avenue. | |
| Strategic Priority Economic Strength And Poverty Reduction | |
| Description Recommend approval to lease 2.1 acres of vacant cleared land located at 602 East Lathrop Avenue (PIN 1-0536-01-003A). The land will serve as parking for visiting motorcoaches dropping off visitors within the downtown area. The site is located directly east of the Savannah Police Department’s Northwest Precinct and will also serve as spill-over parking for that facility. The property will be managed by Parking and Mobility Services. There are no anticipated maintenance costs other than mowing. The monthly rental rate is $1,800/acre, for a total of $3,780/month and $45,360/year. The rental rate escalates at an annual inflation factor of 2.5% per year and will auto-renew yearly unless terminated by either party. The lease expires December 31, 2022. An appraisal was obtained to assist in negotiations with the owner. | |
| Recommendation Approval | |
| Contact David Keating, Director of Real Estate Services | |
| Financial Impact The first year of lease will cost $45,360 and be paid by the Mobility and Parking Department account #561.1113.51230. | |
| Review Comments | |
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Attachments Picture of 602 East Lathrop Avenue.pdf Parking Lot Lease - 602 East Lathrop Avenue.pdf |
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