upr000120 372

\ RESOLVED, that the action of President Bailey and Assistant Secretary Cope in executing C.L.D. 15251, agreement dated November 10, 1 9 6 5 , between Las Vegas Land and Water Company and International Harvester Company, covering lease for a term of ten (10) years, beginning on the date on which the Land Company notifies Harvester that premises are available for occupancy, of a certain parcel of land with the building, spur track and other improvements thereon, containing 9 .6 7 acres, located at the southeast corner of Proctor and Seventh Avenues in City of Industry, California, at an annual rental, exclusive of taxes, computed as follows: (a) on the sum of $193,93*+»00, which Is sum established as land value. (b) 5 % upon the actual cost to the Land Company for construction of spur track, estimated to cost $3 ,5 0 0 .0 0 . (c) 7i# upon the actual cost to the Land Company for construction of building and other improve­ments, which said actual cost shall include all amounts paid to the contractor thereunder, a Land Company engineering fee plus interest during construction at the rate of 5 % per annum, from the date upon which the expend­iture is made by the Land Company to be beginning of the date of the term of the lease. It is estimated that the amount to be paid to the contractor, plus the engineer­ing fee and interest, will total $327,887.00. Said annual rent shall be payable in equal monthly installments in advance, said monthly installments estimated to be $2,866.10, arriv­ed at as follows: 1 0 Land $ 808.06 2 . Spur track I*)-. 58 3c Building and other improvements 2.0*J-3.*+6 $2,866.10 -2