By Jack Johnson, Boulder City Review

The City Council approved a lease agreement on Tuesday with another Korean company planning to build a photovoltaic solar-power facility on city land.

The 50-year lease with Korean Western Power, or KOWEPO, is for an 884-acre site known as Townsite Southwest, located near Boulder City Airport.

A base rent of $2,100 per acre with a 1.5 percent annual increase will be paid to the city, as well as a royalty payment of $603 per acre with an annual increase of 1.5 percent.

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