Parkersburg City Council Agenda March 12 2024
City Amends CSX Parking Lease With Rent Increases
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Description
Parkersburg City Council approved an amendment to its long-standing lease with CSX Transportation for 1.34 acres used as free public parking. The amendment increases annual rent in stages beginning July 1, 2024, and adds a 3% yearly increase from 2027 while restricting the site to free public parking.
Contract Details
Contract Amount
$5,000.00 per year beginning July 1, 2024; $7,500.00 per year beginning July 1, 2025; $10,000.00 per year beginning July 1, 2026; 3% annual increases beginning July 1, 2027
Vendor
CSX TRANSPORTATION
Agency
City of Parkersburg, WV
Contract Type
FACILITIES
Document Date
March 12, 2024
Renewal Info
Original lease dated December 1, 1987; this amendment revises permitted use language and establishes new escalating base rental rates with 3% annual increases beginning July 1, 2027. All other lease terms remain in effect.
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