HomeMy WebLinkAbout6699 - MINUTE ORDERS - 9/6/2000 MINUTE ORDER NO. 6699
MODIFYING CITY COUNCIL'S AUGUST
2, 2000 APPROVAL OF TERM
EXTENSIONS FOR THREE (3) GROUND
LEASES COMPRISING THE AIRPORT
PARK PLAZA AND THE CONSENTS TO
ASSIGNMENT TO AP-PALM SPRINGS
AIRPORT LLC, TO REFLECT THE
RENTAL RATE ADJUSTMENT EVERY
FIVE (5) YEARS BASED UPON THE
CONSUMER PRICE INDEX (CPI) WITH
THE COST OF LIVING ADJUSTMENT
NOT TO EXCEED 25% IN A FIVE-YEAR
PERIOD; AND EXTEND THE CURRENT
LEASE OBLIGATION OF AGREEMENT
NO. 2636 TO BUILD ADDITIONAL
SQUARE FOOTAGE COMMENCING
PRIOR TO NOVEMBER 2013,
CONDITIONAL UPON ASSIGNEE
OBTAINING ALL NECESSARY USE
PERMITS AND SUBJECT TO CITY
ATTORNEY'S APPROVAL OF THE
ASSIGNMENTS AS TO FORM.
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I HEREBY CERTIFY that this Minute Order, modifying City Council's August 2,
2000 approval of term extensions for three (3) ground leases comprising the
Airport Park Plaza and the consents to assignment to AP-Palm Springs Airport
LLC, to reflect the rental rate adjustment every five (5) years based upon the
Consumer Price Index (CPI) with the cost of living adjustment not to exceed 25%
in a five-year period; and extend the current lease obligation of Agreement No.
2636 to build additional square footage commencing prior to November 2013,
conditional upon assignee obtaining all necessary use permits and subject to City
Attorney's approval of the assignments as to form, was adopted by the City
Council of the City of Palm Springs, California, in a meeting thereof held on the 6`h
day of September, 2000.
PATRICIA A. SANDERS
City Clerk
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