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City of Richmond as Lessor:
General Policy:
It is the City of Richmond’s policy to sell all property that is no longer needed by the City, as opposed to holding or leasing the property, if at all possible. However, in the event that the City is unable to sell a building or lot, a lease agreement will be considered. All lease agreements for City-owned property are drafted by Real Estate Services, with review by the Law Department.
City of Richmond as Lessee:
General Policy:
The City has numerous leases where the City of Richmond is the Lessee. These leases can have a term of anywhere from one to ten years. If the lease term is over one year, the agreement will contain a clause that stipulates continuance of lease subject to annual appropriation by City Council. In the event that the City Council fails to appropriate funds for the continuance of the lease, then the lease will be terminated at the end of the current lease year, without penalty to the City of Richmond. |
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