HomeMy WebLinkAbout09-12-1994 Item #19CITY COUNCIL AGENDA NO.
Hold Harmless City and Wells Fargo shall indemnify each other for, incidents
and Indemnity arising from their separate responsibilities.
RECOMMENDATION: Approve attached lease.
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CITY OF NEWPORT BEACH BY THE CITY COU"
OFFICE OF THE CITY MANAGER CITY OF NEWPORT!__
SEPTEMBER 12, 1994 SEP 1 2 IN4
APPR 1�ED
TO:
MAYOR AND CITY COUNCIL
FROM:
ASSISTANT CITY MANAGER
SUBJECT:
ATM LEASE WITH WELLS FARGO BANK C -- 3/ff
ACTION:
If desired, approve subject lease and authorize its execution by
the Mayor and the City Clerk.
BACKGROUND:
Part of the compensation for the acquisition of the Wells Fargo
Bank in Balboa is the
City providing a no -cost lease for the operation of an ATM. The
attached lease was originally proposed by Wells Fargo, was edited by staff, reviewed
by the City Attorney and the Risk Manager.
DISCUSSION:
The major terms of the Lease are as follows:
Term:
Five years with three consecutive five year options for a total of twenty years.
Rent:
$1 per year.
Area:
Either 300 square feet within the parking lot or the existing ATM on the
existing building.
Use:
Up to two ATM's, telephone, support, trash receptacles and other ancillary
equipment.
Design Approval:
City shall approve all design construction and signs.
Maintenance and
Wells Fargo will be completely responsible for all
Security:
maintenance, security and utilities.
Taxes:
Wells Fargo is responsible for all taxes.
Insurance:
The Lease includes language approved by the City Attorney and the Risk
Manager, requiring Wells Fargo to provide all required insurance.
Hold Harmless City and Wells Fargo shall indemnify each other for, incidents
and Indemnity arising from their separate responsibilities.
RECOMMENDATION: Approve attached lease.
'kL.I
K4hJ.ino