On April 22, 1996, Steve Vold entered into a West End Hangar Ground Lease with the City of Billings for a parcel of land in Township 1 North, Range 25 East, Section 25, referred to as Lot 4 (said parcel containing 5,950 square feet) and subsequently built a 60' x 60' hangar on the leased parcel at 2551 Overlook Drive. This Lease expires on April 30, 2016. On October 13, 1998, Mr. Vold entered into a second West End Hangar Ground Lease with the City for a parcel of land in Township 1 North, Range 25 East, Section 25, referred to as Lot 6 (said parcel containing 5,950 square feet) and subsequently built a 60' x 60' hangar on this leased parcel at 2531 Overlook Drive. The Lot 6 lease expires on October 31, 2018. On August 13, 2007, Mr. Vold purchased a 60' x 60' hangar built by Martin Elshire on a parcel of land leased from the City by Mr. Elshire in Township 1 North, Range 25 East, Section 25, referred to as Lot 8 (said parcel containing 5,950 square feet) and located at 2511 Overlook Drive. Mr. Elshire assigned his hangar lease to Mr. Vold as part of the hangar purchase process. The Lot 8 Lease expires on July 31, 2019.

Mr. Vold wishes to change the name of the lessee on the leases to accommodate changes he has made in his estate plan. The Assignment and Transfer documents will change the Lessee on each Lease from Steve Vold (individually) to Steven A. Vold Revocable Trust and Susan K. Vold Revocable Trust as Tenants in Common.

The City Council may:

• Approve the Assignment and Transfers on three (3) West End Hangar Ground Leases currently leased by Steve Vold; or
• Not approve the Assignment and Transfers on the three (3) West End Hangar Ground Leases currently leased by Steve Vold, requiring the name on the Leases to remain in Mr. Vold's name individually.

There is no direct financial impact from this action. The name on the Leases is all that changes with these Assignment and Transfers; all other terms and conditions remain in full force and effect until the respective expiration dates of the Leases.

Staff recommends that Council approve the Assignment and Transfers of three (3) West End Hangar Ground Leases from Steve Vold to Steven A. Vold Revocable Trust and Susan K. Vold Revocable Trust as Tenants in Common.