20040608 r-04-34RESOLUTION NO.R-04-34
A RESOLUTION APPROVING THE PARKING LOT LEASE AGREEMENT
BETWEEN THE CITY AND THE BUSINESS INVESTMENT GROUP, LLC,
FOR THE LEASE OF APPROXIMATELY 46 PARKING SPACES LOCATED
AT THE INTERSECTION OF SAGER AVENUE AND UNIVERSITY DRIVE.
WHEREAS, the City has determined that there is a public need for additional public
larking in the Old Town Fairfax area; and
WHEREAS, The Business Investment Group, LLC ("BIG"), owns a parking lot
:onsisting of approximately 46 spaces located at the intersection of Sager Avenue and
University Drive, and BIG desires to lease to the City, and the City desires to lease from BIG,
the parking lot for an initial term of five (5) years, with a right to renew the lease for ten (10)
additional one (1)-year terms, provided that either party may terminate the lease during any of
the renewal terms upon 6 months written notice to the other party prior to the expiration of the
lease year.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
~'airfax that the attached Parking Lot Lease Agreement between the City and The Business
investment Group, LLC, is hereby approved, and the City Manager is authorized to execute
such lease on behalf of the City.
ADOPTED this 8th day of June, 2004.
Date
City Clerk
VOTE:
J. Cross Aye
J. Greenfield Absent
G. Lyon Aye
G. Rasmussen Aye
S. Silverthorne Aye
P.Winter Aye