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16 per week. In return for these conditions, the building is offered for a nominal lease fee. Ms. Peacock said the proposed lease is for five years at $22,000 a year, which is a 10% increase over last year. The public hearing was opened, but as there were no speakers, it was closed. Mr. Lynch said it seerns the rent is very low, and with a total of 35,000 square feet, it mounts to 65 cents a square foot. Mr. Lynch said that the Torpedo Factory in Alexandria, which is similar, rents for $8.60 a square foot. Mr. Lynch said he supports the art center, but feels that if the rent increased to $2 a square foot that would still be an enormous subsidy. Mr. Cox asked about the average size of studios at McGuffey, and Ms. Peacock said she does not know, but noted that the total square footage includes the gallery and corridor space. Mr. Lynch said it would be helpful to get the average studio space. Mr. Cox said he would also be interested in the average income from artists, noting that the rent might be quite appropriate for what they earn. Mr. Cox said that the Center also gives back a lot to the community and draws people downtown. Ms. Peacock said that the original lease agreement called for the amount to cover the cost of operations, not capital. Ms. Richards noted that art from non-McGuffey artists is also exhibited at McGuffey which is part ofthe public service they provide. Ms. Richards said she thinks we get a good deal for our money, adding that new and unknown artists are encouraged at the Center. Mr. Toscano asked if the cost of operations is covered with this lease amount, and Ms. Peacock said that they will be at the end of the lease term assuming there is an increase every year. Mr. Toscano asked why not include the cost of operations in the lease, but Ms, Peacock said they vary from year to year. Mr. Caravati said he would like to get an idea of the market value rent in the future. Ms. Richards asked if the idea of the hours of operation and open studios has been fully discussed with the artists, and Ms. Peacock said yes. Mr. Toscano, noting that McGuffey is an attractor for downtown, made a motion to approve the resolution approving the lease for McGuffey, Ms. Richards seconded the motion, and it was approved by the following vote. Ayes: Mr. Caravati, Mr. Cox, Ms. Richards, Mr. Toscano. Noes: Mr. Lynch. BE IT RESOLVED by the Council of the City of Charlottesville, Virginia, after a public hearing held in accordance with Vkginia Code § 15.2-1800(B), that the City Manager, or his designee, is hereby authorized to execute on behalf of the City the following document, in form approved by the City Attorney: Lease agreement dated january 1, 2002 between the City (Landlord) and the McGuffey Arts Association, Inc. (Tenant) for the lease of property at 201 2na Street, NW, Charlottesville, Virginia. PUBLIC HEARING/RESOLUTION: LEASE FOR 1251 PEN PARK ROAD Mr. Brown said the resolution will authorize a one year lease for a City owned house at 125 t Pen Park Road, with up to four-one year renewals.