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Santiago Garces, Executive Director <br /> <br /> <br /> <br />Memorandum <br />April 19, 2022 <br /> <br />TO: Board of Public Works <br /> <br />FROM: Andrew Netter, Department of Community Investment <br /> <br />SUBJECT: Parking Lot Lease Agreement, 214 – 226 W. Wayne St. <br /> <br />The City is interested in re-entering into a lease agreement with Mary Coyne Investments, LLC., <br />for use of 214 – 226 W. Wayne St., commonly known as the City employee parking lot at the <br />southeast corner of W. Wayne St. and S. Lafayette Blvd. <br /> <br />The terms of the lease are as follows: <br />- Five (5) year lease commencing on May 1, 2022 <br />- Lease payments will be paid in monthly installments, starting at $1,622.98/month for the first <br />year with an annual fixed rate increase of 3% each subsequent year <br />- The City will be responsible for snow and debris removal of the leased property <br />- The City may terminate the lease for any reason upon a sixty (60) day written notice to the <br />lessor <br />