On October 22, 2001, Brian A. Bross entered into a 20-year West End Hangar Ground Lease with the City of Billings on a 5,950 square foot parcel in Township 1 North, Range 25 East, Section 25, referred to as Lot 3 on Taxilane C.  He constructed the hangar located at 2705 Overlook Drive.  Mr. Bross later opted to assign his leasehold interest to Bonnie S. Daniels, and the City Council approved an Assignment and Transfer of the Bross Ground Lease to Ms. Daniels on August 14, 2006.  Ms. Daniels now desires to sell her hangar and assign the associated Ground Lease to Picacho Aviation. Mr. Frank Borman, the owner of Picacho Aviation, also has another hangar and lease at the Airport.  He purchased his current hangar and assumed the associated ground lease on that hangar on May 13, 2013.  A copy of the Daniel's Assignment and Transfer is on file in the City Clerk's office.

City Council may:

• Approve the Assignment and Transfer of the West End Hangar Ground Lease; or
• Disapprove the Assignment and Transfer of the West End Hangar Ground Lease.

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 Bonnie S. Daniels to Picacho Aviation, LLP.