HomeMy WebLinkAboutRESOLUTION NO. 2016-57 RESOLUTION NO. 2016-57
RESOLUTION APPROVING A LEASE AGREEMENT
BETWEEN THE CITY OF FAIRFAX AND
REGENT INVESTMENT, INC.
WHEREAS, the City of Fairfax wishes to control the electronic message sign on the
Fairfax Center sign; and
WHEREAS, Regent Investment, Inc. owns the sign and has presented a lease
agreement for sign usage.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAIRFAX,
IOWA, THAT:
1. The attached Lease Agreement is approved.
2. The Mayor and City Clerk/Treasurer are authorized to execute all documents necessary
to enter the Lease Agreement
Passed and approved this 14th day of June, 2016.
Council Member Kell moved the adoption of the Resolution; seconded by Council Member Beer.
AYES: Beer, Daly, Kell, and Wainwright
NAYS: Volk
Burnell G. Frieden, Mayor
ATTEST: �ttt......,..,,.,,.•
C thia Stimson, City Clerk/Treasurer
,,,•��aa•»Ht/fit'
s
Seign
ease
This agreement between The City of Fairfax (Lessee) and Regent Investment Inc. (Lessor) dated July 11t, 2016 is
for shared space on a pole sign of approximately 605 sq. ft. at Fairfax Center located at 801h Street Court in
Fairfax, IA.
1.1 Rent: The Lessee agrees to pay the Lessor the sum of$200 per month.
Rent shall be due on the 1S1 day of each month. In the event rent
is not received on or before the Ph day of the month, a $50 late
fee will be applied. All rent shall be delivered to:
Regent Investment Inc
222 3rd Street SE
Suite 230
Cedar Rapids, IA 52401
2.1 Commencement: This lease shall start on the first day of July, 2016.
3.1 Term: This lease shall run until either the Lessee or Lessor gives a 90 day
written notice to the other.
4.1 Sign Set-up: If any changes are desired to the Sign, Lessee will bear the entire
cost and must have.Lessor's approval before changes are made to
the sign.
5.1 Maintenance: Lessor will be responsible for all maintenance. These expenses will be included in
Common Area Maintenance.
6.1 Utilities: Lessor shall include the utility bill for the sign into the Common Area
Maintenance.
7.1: Operation: Lessee will take responsibility to operate the traveling message center
located on the pole sign. A PC will be located in the Lessee space.
Signed this 2Y2 day of June, 2016.
Regent Investment Inc—Lessor City of Fairfax- Lessee