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TUESDAY, JULY 26, 1988 <br /> <br />qity Manager Brown introduced--and recommended that Council approve--a proposed <br />lease ~greement between the City and GBG Enterprises, Inc., under which, in <br />addition to other specified terms and conditions, the City would lease <br />(beginning September 1, 1988, for an initial term of three years and continuing <br />thereafter on a year-to-year basis unless cancelled by either party by written <br />notice at least sixty days prior to an anniversary date) two off-street parking <br />lots owned and operated by GBG Enterprises, one lot consisting of 234 parking <br />spaces and located at the southeast corner of Broad and Church Streets, and the <br />second lot consisting of 32 parking spaces and situated between East Church <br />Street and East Main Street and between the Globman Department Store building <br />and the Central Telephone Company's office building. Lease of these spaces by <br />the City, Mr. Brown noted and recommended, will enable the City to provide free <br />off-street parking for motor vehicles of the shopping public in keeping with <br />now-established City policy and for which the City has leased other private <br />properties in the downtown district. Rental payable by the City would be <br />monthly at the rate of $7.53 per parking space ($24,035.76 annually). In <br />addition, major improvements, consisting of new lighting facilities and <br />pavement, is to be provided by the City at an agreed-upon cost of $23,288.00, <br />for which the City.will be reimbursed by GBG Enterprises at the rate of <br />$7,762.67 per year for each of the first three years. Mr. Brown further <br />informed Council that, if this agreement is approved, he will return with a <br />sub-lease agreement (for Council's consideration and action) between the City <br />and the owner-operator of the Yellow Cabs dispatching station located at the <br />Broad Street-Church Street lot; and, too, that the City may realize a small <br />return through renting a few spaces heretofore not available to the general <br />public. At this point, Councilman McClain, while supportive of the intent of <br />the proposed agreement and its value to the downtown businesses and <br /> <br /> <br />