City signs lease with Transcraft
by Franklin Clark, Reporter -- fclark@cadizrecord.com
Nov 21, 2012 | 6 6 recommendations | email to a friend | print
<i>Franklin Clark/Cadiz Record<p>
Cadiz City Attorney Allen Wilson (above left) explained the final lease agreement while Cadiz Mayor Lyn Bailey (above right) and the Cadiz City Council listened.</i>
Franklin Clark/Cadiz Record

Cadiz City Attorney Allen Wilson (above left) explained the final lease agreement while Cadiz Mayor Lyn Bailey (above right) and the Cadiz City Council listened.

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A lease agreement for the former Superior Walls building between the City of Cadiz and the Transcraft Corporation was approved by the Cadiz City Council during a special-called meeting last Tuesday evening.

After a roughly three-minute meeting, and after a motion by Cadiz City Council member Todd King and a second by Council member Susan Bryant, the vote was unanimous. Cadiz City Attorney Allen Wilson said the final agreement involves compromises on both sides.

“It takes into consideration most of the requested changes from the city, and both sides had to give and take a little bit,” Wilson said. “But ultimately, I believe that this lease agreement is satisfactory for your approval.”

The five-year lease includes 60 monthly payments of $8,633.88, a final payment of $92,000 and a total of $610,032.80. Transcraft has an option to buy the property during the lease agreement or at the end of it for an amount that will reimburses the city for its expenses related to the property, including the balance of the loan.

“The biggest change in this edition versus what you reviewed last week is that the bottom line price is not $650,000 or $660,000. It is reimbursement to the city for what the city is out, but not that additional profit,” Wilson said.

For the rest of this story, see this week's issue of The Cadiz Record or subscribe to our e-Edition by calling 270-522-6605.
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