HomeMy WebLinkAboutM-02-0916RENT Upon approval of the referendum,
commencing Jan 1, 2003, Lessee
shall pay the greater of a
minimum annual rent of $350,000
or 5.5% of gross revenue. There
shall be no change to rent if the
referendum fails.
CAPITAL
IMPROVEMENTS
Commencing upon the earlier of-
(i)
f(i) completion of construction or
(ii) Jan 1, 2005, Lessee shall pay
the greater of a minimum annual
rent of $350,000 or the following
percentage of gross revenue:
7% $0 - $9,000,000
8% $9,000,001 - $10,000,000
9% over $10,000,000
Every 4`h year, the minimum
annual rent shall be adjusted to
50% of the average of the three
previous years total rents paid by
Rusty Pelican to the City. The
minimum annual rent shall never
be less than the previous year's
minimum annual rent.
Lessee to invest no less than
$3,000,000 to construct additional
banquet facilities and a parking
deck. Lessee shall further use its
best efforts to construct a
pedestrian walkway along the
basin's edge. No rent credit shall
be provided for construction of
the improvements.
Rusty Pelican proposal 8-22-02 A
Option 2:
10 vrs plus two
Option 1:
Upon approval of the referendum,
the minimum annual rent would
increase to $240,000. Commencing
upon the earlier of: (i) completion
of construction or (ii) 2 years after
execution of the lease amendment,
Lessee shall pay the greater of a
minimum annual rent of $350,000
or 7% of gross sales.
Option 2:
Upon approval of the referendum,
the minimum annual rent would
increase to $240,000. Commencing
upon the earlier of. (i) completion
of construction or (ii) 2 years after
execution of the lease amendment,
Lessee shall pay the greater of a
minimum annual rent of $350,000
or the following percentage of gross
revenue:
6% $0 - $12,000,000
7% over $12,000,000
Agreed.
02- 916