On July 13, 2015, R.W. McKamy and Donna McKamy entered into a 10-year West End Hangar Ground Lease with the City of Billings to renew a Lease on a 5,950 square foot parcel in Township 1 North, Range 25 East, Section 25, located at 2561 Overlook Drive.  Mr. McKamy originally leased the parcel in July 1995 and constructed a 3,600 square foot hangar on the parcel.  The original lease expired June 30, 2015.  The McKamys now desire to sell their hangar and assign the associated Ground Lease to Robert C. Bryan and Phyllis C. Bryan, Trustees of the Bryan Revocable Trust dated March 4, 2005.  A copy of the McKamy'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 from R.W. McKamy and Donna McKamy to Robert C. Bryan and Phyllis C. Bryan, Trustees of the Bryan Revocable Trust dated March 4, 2005; or
• Disapprove the Assignment and Transfer of the West End Hangar Ground Lease from R.W. McKamy and Donna McKamy to Robert C. Bryan and Phyllis C. Bryan, Trustees of the Bryan Revocable Trust dated March 4, 2005.

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 R.W. McKamy and Donna McKamy to Robert C. Bryan and Phyllis C. Bryan, Trustees of the Bryan Revocable Trust dated March 4, 2005.