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least 20 new requests for slips.G&H will construct new dock and slips In increments of <br /> 20. <br /> C. G&H will provide a guaranteed of annual slip revenue(gross)payable annually to the <br /> Park District,G&H will provide a schedule Identifying the following: <br /> 1. Initial Investment for 40 slips. <br /> 2. Projected gross Income for slips, the projected slip rental rates,and <br /> projected increases over the term of the lease. <br /> D. If the City or Park District wishes to,cancel the lease,a prevision will be made to pay G <br /> the non-depreciated remaining value of the slips. A 20-year straight-line depredation <br /> schedule based on the length of the lease will be utilized. <br /> E. G&H will need to comply with all DPD and City regulations regarding Insurance,liability, <br /> employment hiring practices,etc.These specific terms will be Included In a<deflnitive Lease <br /> after the execration of this MOU but will require that G&H pay one{1}one hundred dollar <br /> ($100.00)annual group dock license in lieu of separate licenses for each slip.The City will <br /> inspect the entire dock structure once each year to verify compliance with state and local <br /> codes,and landowner requirements. <br /> All construction related to Marina development completed on City property or Park District property shall <br /> be completed utilizing prevailing wage as per the Illinois Prevailing Wage Act. <br /> This MOUIs intended to express the policy and Intention of the parties until they can be embodied In a <br /> formai lease agreement.Therefore,the MOU's,terms,conditions and requirements are not legally binding <br /> on the parties and may not be used by the parties to enforce the terms,conditions and requirements in <br /> any court or other proceeding. Legally binding terms,conditions and requirements will be set forth in a <br /> Lease Agreement to be finalized between the parties. <br /> ACCE EHD¢Y; <br /> City of Decatur Decatur Park District <br /> Name. Name: <br /> Scot Wrighton—City pager Clay rhard—Executive Director <br /> Date: Nom' a.a a Ql) Date: _ I_, 2»` * •2 t{ <br /> G&H Marine,Inc. <br /> Name: <br /> Valerie Doren-President <br /> Date: <br />