TO: Honorable Mayor & Members of the North Port Commission
FROM: Jonathan R. Lewis, ICMA-CM, City Manager
TITLE: License agreement between Ortiz Majorca Partners, LLC, and the City of North Port for lease of the Warm Mineral Springs (Arrow) sign located at Ortiz Boulevard and U.S. 41 in an annual amount of $2,500.
Recommended Action
Approve the license agreement between Ortiz Majorca Partners, LLC, and the City of North Port for the lease of the Warm Mineral Springs (Arrow) sign located at Ortiz Boulevard and U.S. 41 in an annual amount of $2,500.
Background Information
At the January 26, 2016 Commission meeting, direction was given to bring a lease back to Commission for the Warm Mineral Springs (Arrow) sign located at Ortiz Boulevard and U.S. 41. A license agreement has been drafted between Ortiz Majorca Partners, LLC, and the City of North Port for the Warm Mineral Springs (Arrow) sign. The basic terms of the agreement are:
1) One year term
2) Automatic renewal unless 30 days’ notice is provided
3) 30 days’ notice for termination of lease after 1 year
4) $2,500 rent per annum, payable semi-annually
5) City to maintain sign and grounds immediately around the sign to local standards
6) The Sign becomes property of the City upon agreement termination
Maintenance of the grounds and the sign is estimated to be between $2,000 - $2,500 annually.
Strategic Plan
Financially Responsible City Providing Quality Municipal Service
Preservation of Environment and Natural Resources
Financial Impact
Funds are available from the Warm Mineral Springs Special Revenue Fund.
Procurement
Attachments:
1. License Agreement
2. Exhibit ‘A’
3. Florida Division of Corporation - Filing Information
Prepared by: Daniel Schult
Department Director: Jonathan Lewis