985.11 TERMS OF LEASES.

   Leases, licenses and concessions of either the exclusive or nonexclusive type may vary as to time, except that no agreements shall be for a period of greater than twenty years, subject to renewal for up to two additional terms of five years each. Bids on leases may stipulate rent on any one or combination of the following basis:

   (a)    Services rendered;

   (b)    Ground rental;

   (c)    Percentage of gross sales on premises with or without maximum or minimum.

   All ground rental bids shall be subject to adjustment as follows: Within sixty days after the beginning of each calendar year during the original term or renewal thereof, either party may demand and receive an adjustment of rent equivalent to change in combined index of wholesale prices, providing such combined index of wholesale prices be as much as ten percent (10%) greater or less than the index prevailing on the date of the lease or renewal thereof. Combined indexes of wholesale prices is defined as the average combined index of wholesale prices for the preceding calendar year as published by the United States Department of Labor.

(Ord. 84-130. Passed 5-1-84.)