Laserfiche WebLink
E <br />1. Leased Property: The City leases and demises to CIDA, and CIDA leases and rents <br />from the City, the above-described property as shown on the physical survey plat prepared <br />by Thomas B. Lincoln Land Surveyor, Inc., dated March 16, 2000, a copy of which is <br />attached hereto. Such conveyance of the leasehold interest in the property by the City is "as <br />is", without representation or warranty as to the condition of the premises or its suitability <br />for any particular purpose. <br />2. Lease Term: This Lease shall be effective for a period of thirty (30) years <br />beginning on the above -referenced effective date, unless terminated by either party as <br />provided herein or modified by written instrument executed by both parties. <br />• 3. Lease Rent: The rent for the property shall be $1.00 per year. <br />4. Use of the Property: The property shall be marketed and leased by CIDA for <br />commercial uses which are allowed under applicable zoning regulations and ordinances of <br />the City of Charlottesville, in effect at the time of leasing or as modified or amended from <br />time to time. Such leases shall be subject to prior review and approval by the CIDA Board <br />of Directors, and shall not become effective unless and until the Board affirmatively finds <br />that the proposed use is within the definition of "authority facilities" as defined under <br />applicable state law. <br />The statutory authorization for the conveyance of the property from the United States <br />to the City states that it is "for the purpose of permitting the City to use the parcel, directly <br />or through an agreement with a public or private entity, for economic development <br />• <br />2 <br />