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~/ <br />~f• I ~ <br />City Manager <br /> <br />-3_ <br /> <br />Jan, 30, 1973 <br />I have asked Reg to not receipt for the above check until we get some answers <br />as to how the lease is to be modified, along with any revisions to the method <br />of reporting by the lessee. It is my feeling that the City should not get <br />less under its basic lease @ 4% for 1972 and thereafter than the 1971 gross <br />at 4% would have produced. Specific items and changes to the lease are <br />no doubt necessary to bring it up-to-date, however I am unable to come up <br />with a recommendation that will weaken the value of the basic lease to the City. <br />I suggested to Mr. James that the City might be agreeable to a lease <br />modification that would mark 1971 as a base year at 4% plus 10% annual increase <br />in gross (adjustable at the end of each 5 year period), He was not agreeable <br />to this idea and he and Mr, Thornton went into discussion. Evidently no <br />decision was reached. <br />