HomeMy Public PortalAboutAB 12-222 Hangar 209 Lease Assignement
McCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB12-222
Meeting Date November 29, 2012
AGENDA ITEM INFORMATION
SUBJECT:
Hangar 209 Lease Assignment
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Clerk
Treasurer
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
None
Parks and Recreation
FUNDING SOURCE:
n/a
Airport
Originator
Library
TIMELINE:
ASAP
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
The owner of Hangar 209, Michael S, Chapman Trust, is seeking to collateralize Hangar 209. The lender, Idaho First Bank, has provided and signed the attached “Landlord’s Consent to Assignment”
in the event the lessee defaults on either the current hangar lease, or the loan agreement. Also attached are copies of the lease, including Minimum Standards, the Assignment and Assumption
of Lease, the Application for Lease Assignment, the Landlord’s Consent to Assignment, and the Addendum to the Landlord’s Consent to Assignment prepared by Bill Nichols.
The original lease was entered into 24 April, 2003 for a period of 20 years and is renewable at that time for up to four (4) additional five (5) year terms. A copy of the lease and the
McCall Airport Rules and Regulations, have been provided to the lender. After the Mayor signs the assignment, the City Clerk will record the document, and keep a copy for our files.
The lease rate and terms remain unchanged as this is not a new lease. The lease rate will not change unless there is a default of either or both, of the lease or loan agreement.
RECOMMENDED ACTION:
Approve the lease assignment of Hangar 209, the Landlord’s Consent to Assignment, and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION