10.28.020 Finance committee guidelines.
The following criteria shall be used as a general guideline by the finance committee for determining the financial feasibility of a proposed lease area:
A. The finance committee shall consider the capital costs and the amortization of that cost over the period of the lease.
B. The finance committee shall determine the term of the lease guaranteeing the repayment of the capital costs and the interest thereon.
C. There shall be created a new account and funds shall be used for the expenditure of the capital costs. The finance committee shall consider the available funds in this account to cover the necessary capital costs. The revenue received pursuant to these leases will go to the parking meter fund.
D. In determining the lease, the finance committee shall have the owner of the leased area protect the city from any and all taxes that may accrue pursuant to the lease agreement.