Consent 1.C.
Regular City Council Meeting
- Meeting Date:
- 11/27/2017
- TITLE
- Renewal of Non-Commercial Aviation Ground Lease with Larson Family Properties LLC
- PRESENTED BY:
- Kevin Ploehn
- Department:
- Airport
Presentation:
No
PROBLEM/ISSUE STATEMENT
Larson Family Properties, LLC, desires to renew the Non-Commercial Aviation Ground Lease for its hangar on the west end of the Airport located at 2413 Overlook Dr. The company has leased this 16,320 square foot parcel since 2003. The current lease expires on November 30, 2017. The new ten-year lease commences on December 1, 2017 and ends on November 30, 2027.
ALTERNATIVES ANALYZED
↵City Council may:
- Approve the Non-Commercial Aviation Ground Lease with Larson Family Properties, LLC, or;
- Disapprove the Non-Commercial Aviation Ground Lease with Larson Family Properties, LLC.
FINANCIAL IMPACT
The initial year of this Lease will generate $4,569.60 of rental revenue for the Airport. 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 City Council approve the Non-Commercial Aviation Ground Lease with Larson Family Properties, LLC for a ten-year term beginning December 1, 2017, and ending November 30, 2027.