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Council approves 40-year ground lease with WAVE CTEd for co‑work/education building site
Summary
Council approved a 40-year ground lease for roughly half of a 5.57-acre parcel on Annie Devine near the fairgrounds to allow WAVE CTEd and partners to design and build a shared co‑workspace with possible leaseback to the city.
Kingman — The City Council approved a 40-year ground lease on Tuesday that will allow WAVE CTEd, Mohave Community College’s small business development center and partners to design and build a shared co‑work and small-business support facility on city land at the northeast corner of Annie Devine Avenue and the fairgrounds.
City Manager Carl and staff described the parcel as roughly 5.57 acres in total; the ground-lease area for the proposed project is about 2.7 acres. Under the draft arrangement the initial lease rate is nominal (noted in staff presentation as $1 per year) to enable financing for facility construction; staff said that if no leaseback agreement is finalized within about three years the lease would convert to a market rate.
Manager Walsh and staff said the lease is the first procedural step; the project’s building design and any leaseback terms — in which the city might lease space back for economic development functions — still must be negotiated and presented to council. Councilor Sanders asked to confirm that only the identified portion of the parcel would be encumbered; staff confirmed the lease covers the described half of the parcel.
Council approved the ground lease and asked staff to return with the leaseback terms and any related agreements as those details are finalized.
