City of Salem City Council Minutes 2026-05-11
City Approves Five-Year Parking Lot Lease to M&B Hospitality LLC
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Description
The City of Salem Council approved a five-year lease with M&B Hospitality, LLC for a city-owned parking lot near Thompson Memorial Drive and Calhoun Street at a rate of $1,210 per month. The agreement covers approximately 22 parking spaces and includes a six-month cancellation clause.
Contract Details
Contract Amount
$1,210 per month or $14,520 annually
Vendor
M&B HOSPITALITY LLC
Agency
City of Salem, VA
Contract Type
OTHER
Document Date
May 11, 2026
Contract Term
Five years, with a six-month cancellation clause
Renewal Date
2031-05-11
Renewal Info
Lease replaces expired economic incentive lease; term is five years with option for City to cancel with six-month notice.
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