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to pay the property owners at the property owners' office or such <br />place as the property owners may from time to time designate, as the <br />fixed minimum rent for the first two years of the term of the lease <br />the sum of Nineteen Thousand Eighty and No/100 Dollars ($19,080.00) <br />per year in equal installments, each in advance upon the first day of <br />each and every calendar month of One Thousand Five Hundred Ninety and <br />No/100 Dollars ($1,590.00), except for the first month's rent, which <br />shall be paid by the City of Lakewood to the property owners upon <br />execution- of the lease by the City of Lakewood, and that the fixed. <br />minimum rent payable during the years in which the City of Lakewood <br />exercises its option to renew the lease shall be adjusted in <br />accordance with the increases in the Consumer Price Index (CPI), <br />calculated by (1) multiplying $19,080.00 by the CPI number published <br />for the third months preceding the first anniversary of the <br />commencement date of the lease, and (2) dividing that product by the <br />CPI number published for the third month preceding the commencement <br />date of the lease. For the purposes of this paragraph, the CPI shall <br />mean the Revised Consumer Price Index, published by the U.S. <br />Department of Labor, Bureau of Labor Statistics, U.S. City Average. <br />All Items For All Urban Consumers (1967)= 100; provided, that if the <br />CPI shall no longer be published, the property owners shall select <br />another index or standard which, in the property owners' discretion, <br />accomplished the purposes herein intended. The fixed minimum rent for <br />the subsequent option years of the terms of the lease shall be payable <br />in twelve (12) equal monthly installments, each in advance on the <br />first day of each and every calendar month. Said lease to contain <br />such other provisions as are necessary to preserve the interest of the <br />City of Lakewood and in form acceptable to the Director of Law. <br /> <br /> Section 4. It is found and determined that all formal <br />actions of this Council concerning and relating to the passage of this <br />resolution were adopted in an open meeting of this Council, and that <br />'all such deliberations of this Council and of any of its committees <br />that resulted in such formal action were in meetings open to the <br />public in compliance with all legal requirements. <br /> <br /> Section 5. That this resolution is hereby declared to be an <br />emergency measure for the reasons stated in the preamble hereof and <br />provided it receives the affirmative vote of two-thirds of all members <br />elected to Council, it shall take effect and be in force immediately <br />upon its adoption and approval by the Mayor; otherwise, it shall take <br />effect and be in force after the earliest period allowed by law. <br /> <br />PRES IDENT <br /> <br />/ <br /> <br /> <br />