Rent for the park would go up to $18,000 the second year and $24,000 the third year and would continue at that amount through the end of the 10-year lease.
The city also would return 1 percent of the profits to H3O Development until the amount reaches $45,000.
These are the first details about the proposed business arrangement between the city and the company over bringing a wakeboarding park to Lake Tye. The proposed facility has been a divisive issue between people wanting to preserve a public park as it is, and people claiming it will attract visitors and revenue to Monroe.
The City Council is expected review the proposal at the meeting scheduled for 7 p.m. Tuesday, in council chambers, 806 W. Main Street. A vote is not expected until Jan. 3.
Wakeboarding, which combines skateboarding and snowboarding elements on the water, is becoming a frequent activity on the lake. Several wakeboarding competitions have been held on the lake in the past few years.
H3O Development wants to build a wakeboarding course on the south end of the lake with cables connected to eight lattice towers that would pull the wakeboarders through the water without the need of a boat. The boat is the most expensive and loudest part of the sport.
Monroe is the owner of Lake Tye, located at 14964 Fryelands Blvd.
Both city staff and H3O are satisfied with the draft even though there are details to be discussed such as liability and maintenance.
"We seem to be in common ground for most of the details," said Brad Smith, one of H3O managers.
H3O can start paying for an environmental study, working with city engineers to figure out where to build a 2,500-square-feet building, addressing parking issues and figuring out how to improve the filtering system in the lake, Smith said.
The proposed lease agreement states people will have access to the parts of the lake not used by the park, Monroe's economic development manager Jeff Sax said.
Alejandro Dominguez: 425-339-3422; firstname.lastname@example.org.
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