§ 16.20.320. Renewal of lease.

A.

Upon the expiration of the term of any lease, or the cancellation of a lease by mutual consent of all parties thereto, the council may grant a new lease to the lessee or his assignee who owns valuable improvements thereon, without offering the lease at auction, provided:

1.

The lessee or his assignee makes written application therefor at least sixty (60) days prior to such termination;

2.

The lessee is not in default under the lease;

3.

The use to which the land is to be put is compatible with the current use classification and zoning provisions of the city ordinances on that subject;

4.

Mutually agreeable terms are negotiated by the council and the prospective lessee.

B.

Such lease shall be for an annual rental equal to the per centum of the appraised value of the land which is then being charged for new leases and shall be subject to adjustment on every fifth anniversary.

(Prior code § 45.40.320)