HomeMy Public PortalAboutAB 15-176 McCall Avenue Home Lease AssignmentMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 15-176
Meeting Date September 24, 2015
AGENDA ITEM INFORMATION
SUBJECT:
Greystone Village #3, Lot 3, Block , 1539 McCall Avenue, Lease Termination and Establishment of a New Lease from Hannes and Deborah Kury to Scott and Shawna Johnson
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Clerk
Originator
Treasurer
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
$2900
Parks and Recreation
FUNDING SOURCE:
Additional Rent
Airport
Library
TIMELINE:
October 1, 2015
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
The owner of 1539 McCall Avenue, Hannes and Deborah Kury, have a sale pending and would like to request termination of the existing lease at the time of closing with a subsequent request
for establishment of a new lease to Scott and Shawna Johnson. Upon their request the purchasers have been provided a copy of the proposed Amended and Restated Ground Lease V2.
With this transaction the City will receive $2900 in additional rent. Per the Kury’s lease the Lessee agrees, for itself, its successors and assigns, that upon assignment of the Lease
to a subsequent purchaser of the improvement(s) constructed on the leased premises, Lessee will pay additional rent equal to ten percent(10%) of the equity the Assignee had in the improvement(s),
or Five Thousand Dollars ($5,000.00), whichever is less. For the purpose of computing the amount of additional rent due, "equity" is defined as the difference between the purchase price
measured at the date of closing the purchase of the improvement(s) by the Assignee, and the gross sales price to a new Assignee after deduction of real estate commissions, title insurance
payable by Assignee, and Assignee's portion of the escrow agent's closing fee. This additional rent shall be paid each time an assignment of this lease is made.
RECOMMENDED ACTION:
Approve termination of the existing lease of 1539 McCall Avenue from Hannes and Deborah Kury at the time of closing and subsequently approve the new Amended and Restated Ground Lease
V2 for Greystone Village #3, Lot 3, Block 3, 1539 McCall Avenue, to Scott and Shawna Johnson and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION