Title
RESOLUTION AUTHORIZING A THIRTEEN-YEAR LEASE AGREEMENT WITH LAMAR OCI NORTH, L.L.C. FOR THE CONTINUED OPERATION OF A BILLBOARD AT THE PROPERTY AND FACILITIES MANAGEMENT AND SIGNAL OPERATION BUILDING IN THE LINCOLN PARK NEIGHBORHOOD.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to enter into a thirteen-year lease agreement, substantially in the form attached as Exhibit 1, with Lamar OCI North, L.L.C. for the operation of a billboard at the City’s Property and Facilities Management and Signal Operation Building located at 1532 W. Michigan Street for $10,000 per year in the first five years and a 2% annual increase thereafter; funds received under this agreement shall be deposited into 110-121-1222-4623 (General Fund, Public Administration, Facilities Management, Rent of Land).
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes a thirteen-year lease agreement with Lamar OCI North, L.L.C. (“Lamar”) for the operation of a billboard at the City’s Property and Facilities Management and Signal Operation Building located at 1532 W. Michigan Street for $10,000 per year in the first five years and a 2% annual increase thereafter. The prior agreement between the City and Lamar at this site was for a period of twenty years and expired this fall. The parties desire to enter into a new agreement for the next thirteen years. The property affected by this agreement is depicted on Exhibit A attached to Exhibit 1.