Title
Resolution renewing the lease agreement with the University of Miami for municipal parking lots 42 and 43 for an additional twelve (12) months beginning September 1, 2010 and ending August 31, 2011 at the rate of $64,971.88 annually, payable in monthly installments.
Body
The City of Coral Gables and the University of Miami entered into a lease agreement for portions of municipal lots 42 and 43 on July 28, 2003 to provide supplemental parking for the University. The initial term of the lease was for one (1) year beginning September 1, 2003.
The existing lease agreement provides for annual extensions based on mutual agreement of the parties. The lease rate was increased in 2006 from $50,000 annually to $61,150 annually and in 2009 from $61,150 annually to $64,971.88 annually. Based on the City's parking permit rate schedule for 2010-2011, the contract rate for this renewal period beginning September 1, 2010 and ending August 31, 2011 will be $64,971.88, payable in equal monthly installments.