Res 116-2002 11/19/2002RESOLUTION NO. 1lL"06�R
RESOLUTION AUTHORIZING AN INCREASE OF THE ANNUAL LEASE
AMOUNT ON TWENTY -TWO (22) LEASE LOTS AT LAKE ARROWHEAD
TO $624.00 FOR A PERIOD OF FIVE YEARS BEGINNING JANUARY 1,
2003 THROUGH DECEMBER 31, 2007; FINDING AND DETERMINING
THAT THE MEETING AT WHICH THIS RESOLUTION WAS PASSED WAS
OPEN TO THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, Resolution No. 81 -92 established a policy for re- leasing lease lots at
Lake Arrowhead, with the lease agreement designating a five year review and
adjustment of the annual lease rate; and
WHEREAS, the lease rate set in May 1992 in the amount of $480.00 was not
increased in August 1997 when the lease amount was reviewed; and
WHEREAS, the lease rate has remained at $480.00 for the past 10 years; and
WHEREAS, the current lease rate of $480.00 is set to expire on these leases as
of December 31, 2002, and raising the annual lease rate to $624.00 conforms to the
rates established for the new generation leases adopted through the passing of
Resolution 77 -2001 dated June 28, 2001; and
WHEREAS, Section 2 of the lease agreement establishes the annual date of the
original lease as the rental payment due date, instead of the standard June 1 of each
year for Lake Arrowhead leases.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. The annual lease rate for lease lots at Lake Arrowhead, currently
leased for $480.00, shall increase to $624.00 per year for the next five year period
beginning on January 1, 2003 through December 31, 2007, and the annual lease
payment due date, currently paid on the annual date of the original lease, shall be
changed to June 1 of each year.
SECTION 2.. It is hereby officially found and determined that the meeting at
which this resolution was passed was open to the public as required by law.
PASSED AND APPROVED this the 19th day of November, 2002.
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ATTEST:
City Clerk