Steven A. Vold Revocable Trust and Susan K. Vold Revocable Trust as Tenants in Common desire to renew their ground lease and enter into a new West End Hangar Ground Lease on the parcel located at 2531 Overlook Drive.  The current Lease expired October 31, 2018.  The Volds first entered into a ground lease on this parcel in 1996 and built a 3,600 square foot hangar on the parcel located in the general aviation area on the west end of the Airport.  The new West End Hangar Ground Lease is for a 6,300 square foot parcel, which includes additional space needed for vehicle parking, and is for a twenty-year term commencing November 1, 2018 and terminating on October 31, 2038.

City Council may:

• Approve the twenty-year West End Hangar Ground Lease to Steven A. Vold Revocable Trust and Susan K. Vold Revocable Trust as Tenants in Common; or
• Disapprove the twenty-year West End Hangar Ground Lease to Steven A. Vold Revocable Trust and Susan K. Vold Revocable Trust as Tenants in Common.

The first year of this Lease will generate $1,449 of revenue for the City's Airport.  Subsequent years will be adjusted annually on the anniversary date 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 months to keep pace with annual inflation.

Staff recommends that the City Council approve the twenty-year West End Hangar Ground Lease to Steven A. Vold Revocable Trust and Susan K. Vold Revocable Trust as Tenants in Common for the term commencing November 1, 2018 and terminating on October 31, 2038.