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License Agreement for the Use of City -Owned Parcels <br />August 20, 2024 <br />Page 2 <br />utilizing the eastern terminus (Exhibit 1) for additional storage of shipping equipment. <br />The property is 86,626 gross square feet, with approximately 66,546 net usable square <br />feet. In agreement with K&C Logistics, the City is moving forward with entering into a <br />new license agreement to include both the eastern and western terminus lots, <br />aggregating to approximately 98,246 square feet. The City took the opportunity to <br />update the annual lease and update to the current market rate, generating an increase <br />in revenue to a new monthly rate of $24,967. <br />Staff recommends approval of the recommended actions to award the license <br />agreement to K&C Logistics, LLC, generating an estimated revenue in the amount of <br />$1,590,640 over the period of three years (Exhibit 2). Revenue generated will be utilized <br />for maintenance and upkeep of vacant City parcels. <br />ENVIRONMENTAL IMPACT <br />There is no environmental impact associated with the action. <br />FISCAL IMPACT <br />This agreement will result in revenue of $24,967 per month into the Select Street <br />Construction, Rental of Property revenue account (No. 05917002-57960). The <br />agreement will commence on August 20, 2024 and expire August 19, 2027. The <br />agreement will automatically renew each month thereafter for an additional two years <br />unless a notice to vacate the premises is provided by the City or Licensee. <br />Accounting <br />Fund <br />Accounting Unit <br />Fiscal Year <br />Unit - Account <br />Description <br />Amount <br /># <br />Account Description <br />Select Street <br />2024-25 <br />05917002-57960 <br />Select Street <br />Construction, Rental <br />$299,604 <br />(Sept- Aug) <br />Construction <br />Of Property <br />Select Street <br />2025-26 <br />05917002-57960 <br />Select Street <br />Construction, Rental <br />$308,593 <br />(Sept- Aug) <br />Construction <br />Of Property <br />Select Street <br />2026-27 <br />05917002-57960 <br />Select Street <br />Construction, Rental <br />$317,850 <br />(Sept- Aug) <br />Construction <br />Of Property <br />Optional Extensions: <br />Select Street <br />2027-28 <br />05917002-57960 <br />Select Street <br />Construction, Rental <br />$327,385 <br />(Sept- Aug) <br />Construction <br />Of Property <br />