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Item 1.F.
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| City Council Regular | |
| Date: | 09/08/2025 |
| Title: | West End Hangar Ground Lease with Belix Investments, LLC |
| Presented by: | Marita Herold |
| Department: | Airport |
| Presentation: | No |
| Legal Review: | Template Contract |
| Project Number: | N/A |
RECOMMENDATION
Staff recommends the City Council approve the West End Hangar Ground Lease with Belix Investments, LLC for a new ten-year term.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
Belix Investments, LLC, (Belix) purchased the hangar located at 2521 Overlook Drive from the former tenant, Steven J. Inman. With that hangar purchase, Mr. Inman assigned his ground lease for this parcel located on the west end of the Airport to Belix in an Assignment and Transfer approved by the City on April 12, 2024. The assigned lease expired July 31, 2025, and Belix would like to continue to lease this parcel. Staff has worked with Belix on a new West End Hangar Ground Lease for the 6,300 square foot parcel. The new Lease commences August 1, 2025 and expires on July 31, 2035.
ALTERNATIVES
City Council may:
- Approve the West End Hangar Ground Lease with Belix Investments, LLC; or,
- Not Approve he West End Hangar Ground Lease with Belix Investments, LLC.
FISCAL EFFECTS
The City will receive $1,827.00 rental revenue in the first year of the Lease. The rental rate will be adjusted on an annual basis on each anniversary date, using the average of all monthly percentage increases for the previous calendar year, as determined by the Department of Labor Consumer Price Index for All Urban Consumers (CPI-U), published by the Bureau of Labor Statistics.