HomeMy WebLinkAboutOrd1995-002
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Sponsored by: O'Brien
Introduction Date: April 10, 1995
Public Hearing Date: April 24, 1995
CITY OF SEWARD, ALASKA
ORDINANCE NO. 95-02
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, ENACTING SEWARD CITY CODE
SECTION 7.05.150, ADJUSTMENT OF RENT TO
FAIR MARKET VALUE
WHEREAS, it is in the public interest to require the appraisal of city-owned leased
property every five years in order to assure that the city is fairly compensated by
individual lessees for the use of public property; and
WHEREAS, the most cost effective means of obtaining fair market value appraisals
of city-owned property is to appraise the properties as a group once every five years;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA HEREBY ORDAINS that:
Section 1. Seward City Code S7.0S.1S0 is hereby enacted to read as follows:
7.05.150 Adjustment of rent to fair market value.
A. Except as provided in B. of this section, the rent under each lease of
city property shall be adjusted on July 1, 1995, and on July 1 of every fifth year
thereafter during the term of the lease, to the fair market rental value of the
property as of the date of adjustment. For each leased property subject to rent
adjustment under this section, the city shall obtain a fair market rental value
appraisal as of the date of each rent adjustment.
B. Subsection A. of this section shall not apply to any lease of city
property :
1. authorized before the effective date of this section, except to
the extent that the rent adjustment described in A. of this section has been
incorporated in the tenns of the lease;
2. for which the council finds that the public interest will be
served by leasing the property for less than appraised fair market value; or
3. whose tenns provide for adjustment of rent to fair market
value more frequently than every five years.
C. Nothing in this section extends the tenn of any lease of city
property.
Section 2. This ordinance shall take effect ten (10) days following its enactment.
CITY OF SEWARD, ALASKA
ORDINANCE NO. 95-02
ENACTED BY THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, this
24th day of April, 1995.
THE CITY OF SEWARD, ALASKA
ly~ u9 O~ J
Dave W. Crane
Mayor
AYES;
NOES:
ABSENT:
ABSTAIN:
Anderson, Crane, Darling, Deeter, King, O'Brien, Sieminski
None
None
None
ATTEST:
APPROVED AS TO FORM:
Wohlforth, Argetsinger, Johnson &
Brecht, Attorneys for the city of Seward,
Alaska
0~0-C1<-J ~. ~~p~~~ C~d.t?~
Linda S. Murphy, CMCI ME chy Attorney
City Clerk
(City Seal)
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