The Federal Aviation Administration (FAA) currently leases 660.49 square feet of office and operation space on the second floor of the Terminal. The most recent lease expired on March 31, 2013. The FAA desires to continue leasing the space and extend the term for four and one-half years. The one-half year term is requested to have the lease term expiration coincide with the end of a Federal fiscal year.  The term of the lease extension would commence April 1, 2013 and continue through September 30, 2017 inclusive.  A copy of Supplemental Lease Agreement #4 extending the term of the lease is on file in the City Clerk's Office.

The City Council may:

• Approve Supplemental Lease Agreement #4 extending the term of the FAA lease; or
• Not approve Supplemental Lease Agreement #4 extending the term of the FAA lease.

The existing lease rate has been adjusted for inflation, is payable on a monthly basis, and will generate $26,089.32 annually.

Staff recommends that City Council approve Supplemental Lease Agreement #4, extending the term of Lease #DTFANM-07-L-00039 with the FAA for office and operation space in the Airport's Terminal Building for the term commencing April 1, 2013, and continuing through September 30, 2017 inclusive.