§ 16.20.200. Adjustment of rental.

Latest version.

The annual rental payable pursuant to any lease issued under the provisions of this chapter shall be subject to adjustment by the council on the fifth anniversary of the date of the lease and each anniversary date thereafter which is divisible by the number five. All adjusted rates shall be computed at the industry standard of the fair market value of the land and improvements owned by the city and leased thereunder. Such value shall be determined by an appraisal made by the city assessor and reviewed and determined by the council as provided in Section 16.20.090.

(Prior code § 45.40.200)

(Ord. No. 18-05-15, § 3.6.)

                    
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