Res 027-2024 Lease Rates at Lake Arrowhead and Kickapoo - Tabled 03/05/2024 Tabled - Resolution No. 27-2024
Resolution setting the rates at Lake Arrowhead and Lake Kickapoo for
leases of City-owned property
WHEREAS, Resolution 77-2001 and Resolution 73a-94 established policies for re-
leasing Lake Arrowhead and Lake Kickapoo lots, respectively, with the lease agreements
designating a five-year review and adjustment of the annual lease rate; and,
WHEREAS, it has been determined that the current leases are still lower than the
fair market value and need to continue to be raised to better reflect the market rate.
NOW, THEREFORE, BE IT RESOLVED BY T ITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
CI
1 . The annual lease rate for leas- �I Arrowhead with review dates
in 2024, which are currentl .: ,000.00,,$2,000.00, $2,800.00
and $3,000.00, shall in o to $1 ,300.00, $2,600.00, $3,640
and $3,900.00 per y= t five-year period beginning June 1 ,
2024 and Septem.
2. The annual I= ease lots at Lake Kickapoo with review dates
in 2024, w -ntly leased for $1 ,000.00, $1 ,500.00, $1584.00,
$1 ,666.00, .0, $2,045.00 and $2,058.00, shall increase to
$1 ,100.00, $1,. 4.00, $1 ,742.00, $1 ,833.00, $2,200.00, $2,250.00 and
$2,264.00 per year for the next five-year period beginning September
30, 2024.
3. The annual payment will remain due as indicated on the lease
agreements.
4. The City Manager is authorized to execute any and all documents
incorporating the aforementioned changes, in a form to be approved by
the City Attorney.
PASSED AND APPROVED this the 5th day of March, 2024.
MAYOR
ATTEST:
City Clerk