On May 29, 2007, John M. Nash and/or Marcia A. Nash entered into two (2) twenty-year, West End Hangar Ground Leases with the City of Billings and subsequently built a 7,200 square foot duplex-style hangar containing two 3,600 square foot units on a leased parcel in Township 1 North, Range 25 East, Section 25 referred to as Lots 10 and 11.  This was the second hangar of this size and style built by Mr. and Mrs. Nash.  The Nashes opted to sell one-half of this second hangar, Hangar unit #2805, to James C. and/or Gail G. Heatherly, and assigned their lease on Lot 10 to the Heatherlys.  The Heatherlys now desire to sell their hangar and assign their Ground Lease to Morledge-Hampton Family, L.L.C.  This Assignment and Transfer will formally transfer the Ground Lease agreement on Lot 10 from James C. and/or Gail G. Heatherly to Morledge-Hampton Family, L.L.C.
 
Since the commencement of this ground lease, several standard lease requirements have changed; therefore in conjunction with the assignment of the 2007 Ground Lease, an Amendment One to the Ground Lease will be implemented on this parcel to bring the lease language up to date with standard lease requirements.   The term of the amended lease will not be impacted by this Amendment.
 
 

City Council may:

• Approve the Assignment and Transfer from James C. and/or Gail G. Heatherly to Morledge-Hampton Family, L.L.C., or;
• Disapprove the Assignment and Transfer from James C. and/or Gail G. Heatherly to Morledge-Hampton Family, L.L.C.

There is no financial impact from this action.  The name on the Lease is all that changes with this Assignment and Transfer and standard lease language is updated with Amendment One; all other terms and conditions remain in full force and effect.

Staff recommends that City Council approve the Assignment and Transfer of the West End Hangar Ground Lease from James C. and/or Gail G. Heatherly to Morledge-Hampton Family, L.L.C., along with Amendment One to the Ground Lease.