Consent 1.D.
Regular City Council Meeting
- Meeting Date:
- 10/23/2017
- TITLE
- Limited Commercial Aviation Ground Lease – Permit Parking Lot with Edwards Jet Center
- PRESENTED BY:
- Kevin Ploehn
- Department:
- Airport
Presentation:
No
PROBLEM/ISSUE STATEMENT
Edwards Jet Center desires to enter into a new lease for continued use of a permit-only parking lot for its employees and customers. The parking lot is located at the Airport on a 16,285.10 square foot parcel directly west of Edwards' main facility. The lease would be for a five (5) year term beginning November 1, 2017 and ending October 31, 2022.
ALTERNATIVES ANALYZED
↵City Council may:
- Approve a new five-year Lease with Edwards Jet Center for a permit-only parking lot; or
- Disapprove a new five-year Lease with Edwards Jet Center for a permit-only parking lot.
FINANCIAL IMPACT
This ground Lease will generate $4,396.92 in the first year of the Lease. The subsequent years' rental rate will be adjusted using the Department of Labor Consumer Price Index for Urban Consumers (CPI-U), published by the Bureau of Labor Statistics.
RECOMMENDATION
Staff recommends that the City Council approve a new five-year Limited Commercial Aviation Ground Lease with Edwards Jet Center for use as a permit only parking lot, for a term beginning November 1, 2017 and ending October 31, 2022.