Consent 1.E.
Regular City Council Meeting
- Meeting Date:
- 07/13/2015
- TITLE
- West End Hangar Ground Lease with R. W. and Donna G. McKamy
- PRESENTED BY:
- Tom Binford
- Department:
- Airport
Presentation:
PROBLEM/ISSUE STATEMENT
R. W. McKamy desires to renew his West End Hangar Ground Lease on a 5,950 square foot parcel located at 2561 Overlook Drive in the general aviation area on the west end of the Airport. Mr. McKamy originally leased the parcel in July 1995 and constructed a 3,600 square foot hangar on the parcel. The original Lease expired June 30, 2015. This renewal Lease with Mr. and Mrs. McKamy is for 10 years, commencing July 1, 2015 and terminating on June 30, 2025. A copy of the Lease is on file in the City Clerk's Office.
ALTERNATIVES ANALYZED
City Council may:
- Approve renewing the West End Hangar Ground Lease with the McKamys for a 10-year term; or
- Disapprove renewing the West End Hangar Ground Lease with the McKamys for a 10-year term.
FINANCIAL IMPACT
The first year of this Lease will generate $1,228.68 of revenue for the City's Airport. Subsequent years will be adjusted annually by the Department of Labor Consumer Price Index For All Urban Consumers (CPI-U), published by the Bureau of Labor Statistics, for the previous twelve months to keep pace with annual inflation.
RECOMMENDATION
Staff recommends City Council approve the 10-year West End Hangar Ground Lease to R. W. McKamy and Donna G. McKamy, for the term beginning July 1, 2015 and terminating on June 30, 2025.