Title
State of Oregon Department of State Lands Lease 17480-ML
Body
RECOMMENDED ACTION (Motion):
Staff recommends Commission approval of the attached State of Oregon, Department of State Lands Lease 17480-ML.
BACKGROUND:
This lease amends and replaces Department of State Lands (DSL) lease ML-9781. The new lease will continue for a period of fifteen (15) years, through 2030. It is renewable upon expiration for an additional fifteen year period. This lease allows for the prescribed use of State waterways, in the designated lease areas. This waterway/submersible land lease is part of the property sub-leased by the City to Sportcraft Landing Marina. As part of this sub-lease, Sportcraft Landing Marina is required to reimburse the City for the lease payments.
BUDGET IMPACT:
Amount: Annual rent for first year of lease is $3,321.70, and is adjusted annually as described in the lease.
FY(s): 2015-2030
Funding Source: General Fund - Annual rent payment is reimbursed to the City by Sportcraft Landing Marina via lease agreement.