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"Extended Period ") the term of the Lease Agreement. The rent during the first <br /> year of the Lease Agreement is $10,400 per calendar month, with yearly <br /> increases and the rent during the fifth year of the Lease Agreement is $12,640 <br /> per calendar month. The rent during the Extended Period is to set by mutual <br /> agreement or, if no agreement is reached, by binding arbitration. In addition, <br /> Port shall receive, as additional rent, $380.00 per loaded outgoing Rail Car for <br /> the first ten (10) loaded outgoing Rail Cars of every calendar month; $340.00 per <br /> loaded outgoing Rail Car after the tenth (10 ) loaded outgoing Rail Car of every <br /> calendar month; and $250.00 per loaded incoming Rail Car with a minimum <br /> guarantee of no fewer than ten (10) Rail Cars per month. <br /> Section 2. The Port undertook a review of the Project (approval of the <br /> Lease Agreement) under CEQA and finds and determines that the Project is <br /> categorically exempt. <br /> Section 3. The President and Secretary of the Board of Port <br /> Commissioners of the City of Redwood City are hereby authorized and directed <br /> to execute the aforesaid Lease Agreement for and on behalf of the City of <br /> Redwood City, acting by and through its Board of Port Commissioners. <br /> Section 4. This ordinance shall be effective thirty (30) days after its <br /> adoption. <br /> * * * * * <br /> Port 2 <br /> Clean Harbors. Ordinance P -246 <br /> 03/30/11 Scanned <br />