Experimental Aircraft Association, Chapter 57, Inc. (EAA) desires to renew the West End Hangar Ground Lease it has utilized since 2001.  The original Lease commenced in 1993 and the hangar was subsequently finished in 1994.  The EAA has recently performed some updating to the interior of the hangar and will replace a portion of the hangar's ramp this Spring.   The EAA is subsequently asking for an additional 20-year lease term for this 5,250 square foot parcel.  The term of the new Lease commences on October 1, 2013, and terminates on September 30, 2033.  A copy of the Lease is on file in the City Clerk's Office.

 The City Council may:

• Approve the 20-year renewal of the West End Hangar Ground Lease to the EAA; or
• Not approve the 20-year renewal of the West End Hangar Ground Lease to the EAA.

This 20-year Lease will generate $1,102.50 in annual revenue in the first year, with Lease rentals in subsequent years adjusted on an annual basis using the Consumer Price Index for All Urban Consumers (CPI-U), and allows for a market adjustment, if necessary, on the fifth and tenth years of the Lease. 

Staff recommends that City Council approve the 20-year renewal of the West End Hangar Ground Lease with Experimental Aircraft Association, Chapter 57, Inc.