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HomeMy Public PortalAbout2009_11_10_R136 - Olde Izaak Walton Park Leasea~ ~> ~ ~? ~. t" k„~ ~ ~ ~I .~ ~ Izr-..s~I,UTIC~IU ~v~. 2oo9-t~G PRESENZ'I'.I7 I~ot=ember I0, 2009 t1I)C?PTEI) No~rentber ] 0.,.2009 A RES()L,I11'I{)N: t1PPI20VING ~N AI)I}FIVI)lJM `I'C) "1'tdE CIJItIZFiVT I;I:45E ~4'I"f'II Ff~ILMELGEI2I~l~~rsT1vIE ~T~ F~It TEIE PTZ~~PErz i`~- lc?tii{)wl~t ~s {>I.~I I`I_,tlAK Wt~L"I'(}N I'tlI2K, A1x~ r~UTIIOI~IZPVCI THE T01~j1~; NIi1Nr1GEI~ T{7 IlECl7"fL SIJCIi t1N t3I}I)TiItiI7tIM. ~T~IIERE 4~, itr L)eceinber, 1999 tlse Touch enteredltito a Lease agreetuenl 4vith Eailntezger Ini=estnteuts far the 20:99 act'es'of land cuiTently ktiowtt as tilde Izaak Walton'P~k, and P?HLRI~S, the tortes ci£the lease are for 30 years, ~ ulaxinititii of $ i t1,000 peryeat~ iii rent, ahtl the payineut of the annuli meal. i~eopert}=tales associated with the pi`opetty> and 1~%IIEI2L;r~S, ~lcte Iraak t~raltirn Par611rts i~ect~ a poUular addition tca tl7e Towts's }~ar3;s s}=stet7; anti WEIEREr1S, staff has nret with. rcpresenti3titi~es of I'aih~tezger Investments to discuss a re- tie~otiafioir at'the existing opet~ating lease to a i7ia~v caj>ital kease, and 4VI IEREr1S, the capital base woukd protfide equity accuttiitltttion for E1i~'Ct7~~=n throughout `the ramaitiitag fet•m of the lease, and hailulezgcr lr3eesin7entshas ag€eed to an addendum tQ the cut7•efit base that sviil release the To~~=isfrom laying an amounfn©t ttt exceed ~~ 1,05 of annual ioal prtipei~Ey taz during FY2{} 10. `1HFItE1~OR1s,RIiS{7LVIv17 bythe Council of the "I'awu of Leesburg hiL'irgiitiathatan addendum to the een•i`ent lease aT;reeniettt'tvith Faltzlezger Investmanfsfor lho pt`o~crt)= tenawt7 asOIde Izaak GValton Park isapproved'ai1d authiitixes iheTo4vti'NJatiager to execute siicls anti atidentiuiti, Pr1SSE,D this lOtf' da}~ of Nai=cniber• 2009. r~`I'~'ES`I~;`~ jf ' t ~E ~ ~ ~~ t ~ ~'~t s' ~ Clerk of Cout PaRSsoluttun~lRes~lutiuns 260}\7176 f)lde izna'i 1!'alien t:e~se atdwendumdod ~, ~.T. =t P 1 5~ ~~ r}r~ 1~~1 .: Ktiste C, t~ l~layor Town tip l.eestitii•g t ii2t»