On February 25, 2008, the City Council approved a twenty-year West End Hangar Ground Lease with Brian Taylor.  Mr. Taylor constructed a 3,600 square foot hangar on the leased parcel, and now desires to sell his hangar and assign his Ground Lease.  Scott and Dana Winchell will be the new Lessees of the west end parcel located at 2813 Overlook Drive.  Additionally, since the commencement of this Ground Lease in 2008, lease requirements have changed; therefore, in conjunction with the Assignment of the 2008 Brian Taylor Ground Lease, an Amendment One to the 2008 Ground Lease will be implemented on this parcel to bring the lease language up-to-date on standard lease requirements.  The term of the Assigned Ground Lease will not be impacted by the Amendment, with a scheduled expiration date on January 30, 2028.   Copies of both the Assignment and Amendment documents are on file in the City Clerk's Office.

City Council may:

• Approve the Assignment and Transfer from Brian Taylor to Scott and Dana Winchell, and Amendment One on this assigned Ground Lease; or
• Disapprove Assignment and Transfer from Brian Taylor to Scott and Dana Winchell, and Amendment One on this assigned Ground Lease.

There is no financial impact from either the Assignment or Amendment One to the 2008 Ground Lease.  The names on the Lease change with each Assignment and Transfer, and standard lease language is updated through the Amendment.  The rental rate on the Lease will continue to be adjusted annually on the anniversary of the Lease using the Department of Labor Consumer Price Index for All Urban Consumers (CPI-U), published by the Bureau of Labor Statistics, for the previous twelve (12) month period.

Staff recommends that City Council approve the Assignment and Transfer of the West End Hangar Ground Lease from Brian Taylor to Scott and Dana Winchell, and Amendment One to this Lease on the parcel located at 2813 Overlook Drive.