HomeMy WebLinkAboutRESOLUTION 1973-03. _
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~ RESOLUTION 73-3
DECLABING VOID THE LEASE OF JULY 1. 1969, OF LAND IN THL~ BTOLIN
/ SUBDIVISION TO KENAI SHOPPING CENTER, AND DIRECTING THE T&ANSFER
OF MONIES FROM THE TRLST AND AGENCY FUND TO THE AIRP(~&T LAND FUND.
WNEREAS~ oa Julq l~ 1969~ the Citq leased a 9.874-acre
tract ia the Etolin Subdivieion to Kenai Shopping Center, a part-
nership, for a 55-qear term, and
WHEAEAS. on Julq 1, 1969~ the Citq leased a 9.874-acre
tract in the Etolin Subdivision to Keaai Shopping Ceater, a part-
aerahip, for a 55-qear term, and
NNExEAS, the lease required that, during the first five
years of the lease. the City place 90x of the aunual rentals in
truet for the benefit of the leasee to be used at the direction
of the lesaee ia making land improvements, aad
WHEREAS, ae of June 30~ 1970~ pursuant to Section 3(b)
of the rides to the baeic lease, Kenai Shopping Ceater terminated
the lease, thua freeing itself of aaq further obligations as to
fature land rental paymeata as vell as foregoing any interest in
the land, and
, WHEREAS, the contsact ia ailent a8 to the dispobition
of tbe moniee placed ia truat for future improvementa under such
early terdination. and
WHEBEAS, the Citq placed $9~678 in truat and expeaded
$1,023 fro• tbis truat fos l~nd improvementa, and there resalas
$8,655 in the Trust and Agencq Fund in conneetion witb the lease,
NOM, THEREFORE, BE IT RESOLVED bq the City Council of
the City of Keaai, Ala4ka, as followa:
1. By its own actioa. Kenai Shopping Center voided
the lease of Jalq l, 1969, and thereby, in the opinion of the
City Council, forfeited any right to the monies held in the
Trust aad Ageacy Fund 1n conaection with the lease.
2. The $8.655 coatained in the Trust and Agency Fund
under the name "Et4iin Subdivision" is hereby transferred to the
Airport Land Fund.
PASSED THIS DAY OF 1973
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OIi F. STEINBECK, MAYOR
ATTEST:
aron ter ing, City Cler