RESOLUTION NO. 926
A RESOLUTION OF THE CITY OF UNIVERSITY PLACE, WASHINGTON, APPROVING A LEASE WITH SH & H VALUATION, LLC, FOR STE. 201 OF THE UNIVERSITY PLACE CIVIC BUILDING
WHEREAS, the City owns two commercial retail spaces in the Civic Building; one is rented, and the other (Ste. 201) is still listed with a commercial real estate broker; and
WHEREAS, the City desires to have a business presence in all of its leasable spaces, especially businesses who pay at or near the fair market value; and
WHEREAS, it is in the City’s best interests to enter into a lease with SH & H Valuation, LLC for Ste. 201 of the University Place Civic Building.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY PLACE, WASHINGTON, AS FOLLOWS:
1. Incorporation of Recitals. The recitals are hereby incorporated herein as if set forth in full.
2. Legislative Determination of Consideration. The Council of the City of University Place has considered the proposed Retail Lease Agreement with SH & H Valuation, LLC, and hereby makes a legislative determination that the lease terms are sufficient and appropriate consideration for the lease of Ste. 201 of the Civic Building by SH & H Valuation, LLC.
3. Approval of Form of Documents. The City Council hereby approves execution of the Retail Lease Agreement with SH & H Valuation, LLC, in substantially the form of the documents attached to this Resolution.
4. Completion of Transaction. The City Manager is authorized to take and execute any additional measures or documents that may be necessary to complete this transaction, which are consistent with the approved form of documents attached to this Resolution, and this Resolution.
5. Effective Date. This Resolution shall be effective immediately upon adoption by the City Council.
ADOPTED BY THE CITY COUNCIL ON JULY 6, 2020.
Caroline Belleci, Mayor
Emelita J. Genetia, City Clerk
APPROVED AS TO FORM:
Matthew S. Kaser, City Attorney