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ORDINANCE NO.
E IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAIRHOPE, ALABAMA
S FOLLOWS:
ection 1. It is hereby established and declared that certain real
roperty of the City of Fairhope, Alabama, is no longer needed for
ublic or municipal purposes, to -wit:
Real property is situated on the north margin of
Flying Creek near its terminus with Mobile Bay
and is more particularly described in the Lease
Agreement which is on file in the office of the
Municipal Clerk and is incorporated herein by
this reference.
Section 2. The City of Fairhope, Alabama, having received an offer
from Walter Marine Service, Inc., to lease that said real property,
hereby declares it to be in the best interest of the public and the
City of Fairhope, Alabama, to lease said real property to Walter
Marine Service, Inc., under the following terms and conditions,
to -wit:
The initial term of the lease is for fifteen years
with an option for a further five-year term with a
minimum initial annual payment of o7,000 or 50 of
monthly rental income whichever is greater. The
Lease Agreement is on file in the office of the
Municipal Clerk and is incorporated herein by this
reference.
Section 3. Pursuant to the authority granted by Section 11-47-21
of the Alabama Code of 1975, the Mayor of the City of Fairhope,
Alabama, is hereby directed to execute the Lease Agreement with
�lalter Marine Service, Inc., for the City of Fairhope, Alabama,
according to the terms in the referenced Lease Agreement, and he
is hereby authorized to execute said Lease Agreement in the name ofl
the City of Fairhope, Alabama.
Section 4. This ordinance shall become effective immediately upon
its adoption and publication as required by law.
ADOPTED AND APPROVED THIS THE C�'�7 DAY OF
TTEST:
illips, city vier
amep F . iv ix ,
yor
1987.