Q. What are the terms of the Lease with the City?
A. The Lease is between the City and the Diocese of Lexington. It allows the Diocese to acquire title to Cardome over an extended period of up to 20 years. The initial rent is $50,100 per year. Of the yearly payments, $50,000 per year is applied to the purchase price of $1,000,000. There is no penalty for pre-payment; thus, title will be transferred whenever the $1,000,000 is paid. There are cost of living increases every five years tied to the increase in the consumer price index. However, the amount applied to the purchase price ($50K) does not increase. Why could the City lease Cardome to the Diocese without soliciting bids from other parties? There is an exception to competitive bidding requirements for certain activities that promote economic development; activities such as construction, tourism and historical preservation. After significant discussions with the City and the development of a plan, the City concluded that our activities at Cardome met these criteria.
Q. Why could the City lease Cardome to the Diocese without soliciting bids from other parties?
A. There is an exception to competitive bidding requirements for certain activities that promote economic development; activities such as construction, tourism and historical preservation. After significant discussions with the City and the development of a plan, the City concluded that our activities at Cardome met these criteria.
