HomeMy WebLinkAboutORDINANCE 1631-1995Suggested by: Administration
•
•
LJ
CITY OF KENAI
ORDINANCE NO. 1631.95
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALA-SI{A,
AMENDING KMC 11.20.160(a)(2) TOSET LEASE RATES OF TIDEL.ANI~S AT 6% ~JF
FAIR MARKET VALUE AND TO CLARIFY G.
WHEREAS, lease rates are based on a percentage of fair market value; and
WHEREAS, the percentage needed to derive a fair return is to be set annually by the City
Council; and
WHEREAS, historically the percentage has been set at 6% of the fair market value; and
WHEREAS, it would be more efficient to set the rate at 6% in the Kenai Municipal Code,
rather than the annual passage of a resolution; and
WHEREAS, the last sentence of this section of 1{MC 11.20.160(a)(2) is unclear;
NOW, THEREFORE, BE TT ORDAINED BY THE COUNCIL OF THE CITY OF
KENAI, ALASKA that KMC 11.20.160(a)(2) to amended as follows:
(2) The actual rate of return determined to be a fair return to the City
shall be set at 6% of fair market value. [ASINUALLY BY RESOLUTION
OF THE CITY COUNCIL AND SHALL APPLY TO ALL LEASES
THEREAFTER REQUESTED. THE EVALUATION SHALL DISCOUNT
NOT ONLY STRUCTURAL IMPROVEMENTS MADE TO THE LAND
BY LESSEE BUT IMPROVEMENTS MADE BY WAY OF GRAVEL OR
OTHER APPROVED FILL PLACED ON THE LAND.] ,_,_,e ,~pra sa s is
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this ~ day of
March, 1995.
ATTEST:
Carol L. Freas, City Clerk
(2/10/95) sp
Introduced:
Adopted:
Effective:
February ZS, ~199S
March 1,1995
April 1, 1995
. _.
_ s:;
,.
.. -
,. _-_
b a o gravel or other ativroved fill vlaced on the land.