On April 22, 1996, the City of Billings as Lessor, entered into a West End Hangar Ground Lease with Martin Elshire as Lessee. On November 28, 2005, Mr. Elshire assigned and transferred all of his leasehold interest in the Lease to Moore, Scott, and Tostenrud, L.L.C.  Staff was informed that the ownership of the company had changed, resulting in a name change.  Amendment One changes the Lessee's name from Moore, Scott, and Tostenrud, L.L.C., to Moore, Palmersheim, and Tostenrud, L.L.C. to reflect the current name of the company.

The Council may:

(1) Approve Amendment One to the West End Hangar Ground Lease to reflect the name change of the Lessee, or
(2) Not approve Amendment One to the West End Hangar Ground Lease, retaining the former name of the Lessee.
 

There is no financial impact resulting from Amendment One. All existing terms and conditions of the Lease remain in full force and effect. The Amendment changes only the name of the Lessee to reflect the company's new ownership and subsequent name change.

Staff recommends that Council approve Amendment One to the West End Hangar Ground Lease with Moore, Scott, and Tostenrud, L.L.C., changing the Lessee's name to Moore, Palmersheim, and Tostenrud, L.L.C.