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COPY <br />"Initial Term") the amount of $0.006 per gallon and $0.007 per gallon during the <br />extended term of the Capacity Lease (the "Extended Term"); the minimum <br />annual guaranteed amount due shall be Fourteen Thousand Four Hundred and <br />No/100 Dollars ($14,400.00) per lease year during the Initial Term and the sum <br />of Twenty Five Thousand Two Hundred and No/100 Dollars ($25,200.00) per <br />lease year during the Extended Term; and WHEREAS, the leased wastewater <br />capacity shall be used for the treatment of wastewater emanating from Seaport <br />Environmental's operation of facilities to treat mixtures of petroleum products <br />and water; and <br />WHEREAS, this Board of Commissioners desires to signify its approval <br />thereof and authorize and direct the Port Executive Director to execute the <br />Capacity Lease. <br />NOW, THEREFORE; <br />BE IT RESOLVED BY THE BOARD OF PORT COMMISSIONERS OF <br />THE CITY OF REDWOOD CITY, AS FOLLOWS: <br />1. That certain agreement entitled, "Lease Agreement — Wastewater <br />Treatment Capacity Rights" by and between the Port and Seaport <br />Environmental, a copy of which document is on file in the office of the Port <br />Executive Director, is hereby approved subject to the approval of the Sublease <br />by this Board of Port Commissioners. <br />2. The Port Executive Director is hereby authorized and directed to <br />execute said agreement upon approval of the Sublease by this Board. <br />Reso 248 <br />01/19/17 2 RESO P-2347 <br />FXS <br />