On January 24, 2000, Picacho Aviation, L.L.P. entered into a 20-year West End Hangar Ground Lease with the City of Billings and subsequently built a 3,600 square foot hangar on the 5,950 square foot parcel referred to as Lot 10, located at 2507 Overlook Drive.   Retired Col. Frank Borman, the owner of Picacho Aviation, L.L.P. opted to sell his hangar to Ted E. Whiting and Sally A. Whiting, as Trustees of the Ted E. Whiting Trust and the City Council approved an Assignment and Transfer of Picacho's Ground Lease to the Whiting Trust on July 9, 2007.  The Whitings now desire to sell their hangar back to Mr. Borman and wish to assign the Ground Lease back to Picacho Aviation.   A copy of the Assignment and Transfer is on file in the City Clerk's office.

The City Council may:

• Approve the Assignment and Transfer of the West End Hangar Lease from the Whiting Trust to Picacho Aviation, L.L.P.; or
• Not approve the Assignment and Transfer of the West End Hangar Lease from the Whiting Trust to Picacho Aviation, L.L.P.

There is no financial impact from this action. The tenant name on the Lease is all that changes with this Assignment and Transfer; all other terms and conditions remain in full force and effect.

Staff recommends the City Council approve the Assignment and Transfer of the West End Hangar Ground Lease from Ted E. Whiting and Sally A. Whiting, as Trustees of the Ted E. Whiting Trust to Picacho Aviation, L.L.P.