During Monday’s executive committee meeting, executive unanimously approved an amending lease agreement with the city and the Lynbrook Golf and Country Club.
The amending agreement states that if at any time over the 30-year life of the proposed $40,000-irrigation system, the city chooses not to continue to lease the land to Lynbrook, the city will pay Lynbrook the depreciated value of the irrigation system.
The amending agreement states that the city will use the prorated repayment schedule to repay Lynbrook in the event that the city chooses not to renew the lease with Lynbrook after Sept. 4, 2024.
Additionally, there is clarification in the prorated repayment schedule the city will use to repay Lynbrook if the city renews the lease after Sept. 4, 2024, but cancels the new lease prior to the 30-year life of the irrigation system.
For more information, see an upcoming edition of the Times-Herald.