MAINTENANCE AND OPERATION AGREEMENT FOR PARK STREET GARAGE
P-J.
I :lAHifENN;CE AN[YOPERATIor~ ,\Gf~'I=r\ENT
FOR THE
PARK STREET GARAGE
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This fiaintenance and Oper'Jtion Agreemr;nt, dated as of _~venvhJ.--.-I/~86,
r;:.]de &nd executed by the City of Clean-later (the "City") and theJ. K. Financial
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Co;'pol'ation (the "Developer"). ~--
WIT N E SSE T H :
\'!HEREAS, the C1 earvlater Redevelopment Agency (the "Agency") and the Oeve10per
jointly developed and O\'/n a parking facility; and
vJHEREAS, the Agency has contracted the City to maintain and operate its floors of
the parking facility; and
t;HEREAS, there is an economic and operational advantage for the City to provide the
same services to the Developer
NOW, THEREFORE, in consideration of the mutual and dependent covenants of the
parties hereto and other goods and valuable considerations as hereinafter set forth, it
is hereby agreed by and bebleen the City and the Developer as follows:
Section 1: DEFINITIONS, All terms shall have the following meaning in this
11aintenance and Operation Agreement unless the text otherwise requires:
(A) "General 11aintenance and Operation Cost" shall mean those costs incurred
from the personnel, services and material expended on the following:
1. Cashier Services
2. Utilities - Electric, water, sewer, garbage and telephone.
3. Maintenance:
Replacement of lamps or bulbs
Replacement or repair of electrical fixtures
Replacement of signs and striping of parking spaces
Repair of the general electrical system
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Rcp 1 acr.1;nt or repa i r of garage ,1CCCSS <lid revenue control equ; pr;'Gnt
Repair or replacement of fire extinguishers or the fire standpipe system
Repair or replacement of thte sanitary plumbing and fixtures
SW2eping and general maintenance of the facility
Maintenance and replacement of landscaping
4. Other:
Uniforms
Supplies
Elevator Service
(8) IIAdministrative Cost" shall mean those costs associated with or incurring
from the f 0 11m-Ii ng:
1. Management of the parking facility
2. Maintaining financial records
3. Maintaining a monthly list of parking patrons
(C) "Oversell" shall mean selling more monthly parking permits than there are
spaces available.
(D) "Parking Facility" shall be the real pro~erty described on Exhibit "AII,
attached hereto, together with all improvements commonly known as the Park Street
Garage.
Section 2: t'lAINTENANCE AGREEl-iENT, The City shall provide or arrange for all
services and materials necessary to maintain and operate the parking facility. HO\'Jever,
this section sl,a11 not be construed to include structural or other major repairs on the
portion of the facility owned by the Developer.
Section 3: PARKING REVENUE. The City agrees to collect all daily and hourly
parking fees.
The Developer shall be permitted to oversell its spaces. The level of oversell
may be adjusted by-the City when observation of tile use of spaces indicates the
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De~elor~r's r~rkers are using more spJces than the Developer owns and/or has contracted
foY" the City. I 1-
SECT I ON 4: CO::PUT ATION OF DEVELOPER IS SH,I\RE OF GENERAL r'~^I NTErlANCE AND OPERATION
t,
COST: The Developer agrees to pay to the City 50% (fifty percent) of the annual
maintenance and operation cost of the Park Street Garage or all of the parking fees
collected for the Developer's parking, whichever is less.
To properly compute the Developer's share of the cost of operation and maintenance
of the facility the City and the Developer agree that the value of a parking space shall
be as f 011 o\'/s :
a) for the first year of this agreement the value shall be $35.00 per month;
b) in subsequent years the value shall be mutually established by the City
and Developer.
In the event that the Developer provides parking to its tenants at a discounted
rate the above rates shall apply for the purposes of establishing the Developer's
share of the cost of maintenance and operation of the facility. If the fees collected
for the Developer1s parking are insufficient to pay its share of the maintenance and
operation cost as a result of discounted rates, the developer shall pay to the City
the difference between the amount collected and the amount vlhich would have been rece;ve<
by the City had the full value of the parking space been charged.
In accordance l'lith the terms of the Development Agreement bet\':een the City of
Clearwater, the Clearwater Redevelopment Agency and J. K. Financial Corp. the Developer
is entitled to forty-eight (48) parking spaces in the City's portion of the parking garal
The agreement contains a fifteen (15) year option for leasing these spaces for a p~riod
of one year at an annual rental rate equal to 75% of tl~elve (12) times the monthly renta
to be charged by the Developer for reserved parking spaces in its portion of the parking
facility.
The Developer and the City agree that the value of a parking space as described
in Section 4a and 4b shall be the basis for cOr:1putation of the 75% rate in the event
that the Developer provides these spaces to its tenants at a discounted rate.
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SECTION 5: AD:.mII STRATIVE CliST. The !Jr:v21 cper tla 11 be as <;r.s:::-;d 1 0% of its
'shat"e of the gr:neral maintenance and operation cost for administrative costs.
SECnON 6: DEVELOPER'S PAnlEtlT OF P~OPORTIONATE SHARE OF COSTS. The City
will provide monthly statements of all the computations shown in Section 4 and the
Developer will remit its proportionate share within thjrty (30) days of receipt
of statement.
SECTIOH 7: SECURITY GUARD SERVICE: The City will provide security service for the
portion of the garage under its control and the Developer will provide security service
for the portion under its control as deemed necessarY,each at its own expense.
SECTION 8: INSURANCE. The City covenants and agrees to maintain general liability
insurance against claims of injury to persons or property resulting from the negligence
of the City or that of its agents or employees and to indemnify, defend and hold harm-
less the Developer from and against any such claims.
SECTION 9: TAXES. The Developer convenants and agrees to pay directly to the State
of Florida all sales or use taxes required to be paid on the rentals received by the
Developer for use of its spaces.
The Developer agrees to pay all ad valorem taxes and other assessments against the
portion of the facility which is owned by the Developer.
SECTION 10: OTHER COST AND EXPENSES. The Developer shall be totally responsible
for the cost incurred from the maintenance, repair or replacement of the Parking Facili~
not covered in the General Maintenance and Operation Cost 1n its portion of the garage.
SECTION 11: GENERAL. This lease shall be for a term of three (3) years commencing
~ovember 1, 1986, and terminating on October 31, 1939.
Either the City or the Developer may terminate this lease at any time by giving
v/ritten notice of such termination to the other party at least ninety (90) days prior
to the date of termination specified in such notice.
Revised 9/30/86
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IN WITNESS WHEREOF, the parties hereto have executed these
presents as of the day and year first above written.
Attest:
Approved as to form
and correctness:
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l.ty Qi::.:.rk .."~ ,.' .:'
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J. K.
CORPORATION -~~~~
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Signed and Sealed 1n
the presence of:
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