HomeMy WebLinkAboutResolutions - No. 2006-1503=�Y�1���L�1>•1>•C� �I�Z: I
A RESOLUTION OF THE LODI CITY COUNCIL AUTHORIZING
THE CITY MANAGER TO EXECUTE AGREEMENT WITH THE
WORLD OF WONDERS SCIENCE MUSEUM FOR OPTION TO
LEASE AND SUBSEQUENT LEASE OF RETAIL SPACE I N THE
LODI STATION PARKING STRUCTURE
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council does hereby
authorize the City Manager to execute Lease Option Agreement and subsequent Lease
Agreement between City of Lodi and World of Wonders (WOW) Science Museum, for
retail space located in the Lodi Station Parking Structure: and
BE IT FURTHER RESOLVED that the WOW Science Museum shall pay a
monthly rental fee to the City in the amount of $1,000 per month, which is the equivalent
of $1.25 per square foot per month for the estimated 800 square foot museum store;
and
BE IT FURTHER RESOLVED that the WOW Science Museum's monthly rental
payment shall increase by 2.5% per year, except if the rate of inflation exceeds 6.5%, in
which case the payment shall increase by 50% of the rate of inflation; and
BE IT FURTHER RESOLVED that pursuant to Federal Transit Administration
regulations, rent revenues will only benefit the City Transit Fund and not be incorporated
into the City of Lodi General Fund.
Dated: August 2, 2006
I hereby certify that Resolution No. 2006-150 was passed and adopted by the
City Council of the City of Lodi in a regular meeting held August 2, 2006, by the
following vote:
AYES: COUNCIL MEMBERS—Beckman, Hansen, Johnson, Mounce,
and Mayor Hitchcock
NOES: COUNCIL MEMBERS— None
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — None
iv9FER PERRIN
Interim Cityberk
2006-150