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FiTi"L >_ greemcnt 'Page_' <br />The License Agreement permits YVWD to enter onto the Gage Canal property for the purpose of <br />constructing and maintaining the Project pipeline for an initial five -year term, with 10 additional <br />option periods of five years each. Under the Agreement, YVWD will pay the Utility a one -time <br />processing fee of $150, plus an annual fee of $640 (Base Rent). Fair Market value for <br />determination of the Base Rent amount was established by reference to recent comparables for <br />similarly situated properties in the local area. During the term of the License Agreement, the Base <br />Rent will be adjusted annually based on change in the Consumer Price Index (CPI). <br />FISCAL IMPACT <br />First -year revenue will be $790, with revenues in subsequent years based on the $640 Base Rent, <br />as modified by the changes in the CPI. <br />Prepared by: David H. Wright, Public Utilities General Manager <br />Certified as to <br />availability of funds: Paul C. Sundeen, Assistant City Manager /CFO /Treasurer <br />Approved by: Belinda H. Graham, Assistant City Manager <br />for Bradley J. Hudson, City Manager <br />Approved as to form: Gregory P. Priamos, City Attorney <br />Attachments: <br />1. License Agreement <br />2. July 1, 2011 Public Utilities Board Meeting Minutes <br />45 -2 <br />