Res 012-2012 2/21/2012
RESOLUTION NO. _12-2012_
Resolution Authorizing A 5-Year Increase Of The Annual Lease
Amount On Lake Arrowhead Leases With Review Dates In 2012 From
$630 To $819
WHEREAS, Resolution 128-97 established a policy to adjust annual lease rates
up to 30% every 5 years to allow the City to bring the leases closer to free market
rates;
WHEREAS, the City Council finds that a survey of area lake lease rates
supports a fair market value equal to or greater than the proposed lease rates;
WHEREAS, applying the 30% cost increase to the current lease rate of $630
yields an annual lease rate of $819; and,
WHEREAS, 17 of the City’s Lake Arrowhead leases expire on December 31,
2012, and the City desires to apply this 30% increase to these leases.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
1. The annual lease rate for lease lots at Lake Arrowhead with review dates in
2012, which are currently leased for $630.00, shall increase to $819.00 per year for the
next 5-year period beginning on December 31, 2012.
2. The annual payment will remain due as indicated on the lease agreements.
3. The City Manager is authorized to execute leases incorporating the aforesaid
changes, in a form to be approved by the City Attorney.
st
PASSED AND APPROVED this the 21 day of February, 2012.
______________________________
M A Y O R
ATTEST:
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City Clerk