City of Salem Agenda Packet 2026-05-11
City Proposes Five-Year Parking Lot Lease to M&B Hospitality
Trusted by teams at
Description
The City of Salem plans to execute a five-year lease with M&B Hospitality, LLC for a city-owned parking lot. The agreement sets a market rent of $1,210 per month for 22 parking spaces, with an option to extend for another five years. M&B Hospitality, LLC will be responsible for maintenance and insurance.
Contract Details
Contract Amount
$1,210 per month ($14,520 annually)
Vendor
M&B HOSPITALITY LLC
Agency
City of Salem, VA
Contract Type
LEASE
Document Date
May 11, 2026
Contract Term
Five years, with an option to extend for another five-year term upon mutual agreement
Renewal Date
2031-05-11
Renewal Info
Lease includes an option for a five-year renewal upon mutual agreement, and allows for six-month notice termination by the City. Initial 20-year lease had expired; this replaces it.
More from City of Salem
City of Salem Agenda Packet 2026-05-26
City of Salem Agenda Packet 2026-05-11
City of Salem Agenda Packet 2026-05-11
City of Salem City Council Minutes 2026-05-11
City of Salem Council Meeting Agenda April 2026
Want to learn more?
Get alerts on contract renewals, new awards, and vendor activity.
Bring us your territory.
We'll show you what is forming.
See live SLED buying signals, source docs, decision-makers, contract context, and the next step into your CRM or pipeline.