The Zanesville Community Improvement Corporation has approved an one year supplemental lease for the United States Army Reserve
At Wednesday’s meeting, the board voted to approve the lease for the property at 1510 Moxahala Avenue in Zanesville.
Public Service Director Mike Sims said the property was first leased to the Army Reserve in 1946 for economic development purposes.
"To get them through the interim until the end of next June," said Sims, "we just did a supplemental agreement, and our Law Director will continue to be working with them now to formulate a more long term lease for next year."
Sims said in the old lease, the property cost the Army Reserve only one dollar per year to lease.
After an appraisal, the property that Sims said houses office buildings, is now worth $9,000 per year.
"The Army Reserves are OK with that," Sims added. "They have no problem with paying current market value, they understand that the lease was an extremely long-term lease, and they don’t normally have ones of that extent."
Sims said the city Law Director will be working with the Army Reserve to formulate a new long term lease.