City approves lease agreement for Lake Eddleman RV Park

The Graham City Council approved a commercial lake lot lease agreement with RKJ Adventures, LLC, during their meeting Thursday, regarding a proposed Lake Eddleman RV Park renovation project. The council also approved the lease terms and landlord lien subordination agreement.

The council tabled a lease agreement with RKJ Adventures during meetings held Thursday, Aug. 19, and Thursday, Aug. 5. The council had previously proposed negotiating an agreement and were still in discussions as of last meeting. The city met in executive session during the meetings Aug. 5 and Aug. 19, to discuss the lake lot lease proposal for RKJ Adventures and upon leaving the session announced the agreement would be tabled to the next meeting. Graham City Manager Brandon Anderson said Aug. 5 that the city was awaiting the final documentation to present the lease agreement with the council.

The lease term is for 49 years with an initial annual rent of $11,500 for the around 15.337 acres of land. Rent will be $11,500 for the first five years and then will increase by 5% every five years with a 10 year stall in years 31-39, where it will remain at $14,677. The post stall increase will be 2% every five years. Payments will be made annually, with the first payment due Jan. 31, 2022.

The original bid proposed by RKJ Adventures was for $392,000 for Lake Eddleman Park, purchasing the entire 15.337 acres from the city of Graham and building an RV park with public recreation facilities to be used by those in the area and visitors. The proposal included documentation from Bank of the West for a commercial loan in the amount of $1,100,000 to be used to purchase the real property and make the needed improvements to update and expand the existing RV park at the lake.

For the rest of the story, see the Sept. 4 edition of The Graham Leader.