HomeMy Public PortalAboutAB 20-162 Hangar 212 new lease & lease cancellationMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 20-162
Meeting Date June 4, 2020
AGENDA ITEM INFORMATION
SUBJECT:
Request to Approve a New Lease for Hangar 212
with 103 Investments, LLC and Terminate the
existing Hangar 212 Lease with South Coast
Lumber
Department Approvals Initials
Originator
or
Supporter
Mayor / Council
City Manager
Clerk
Treasurer
Community Development
Police Department
Public Works
Golf Course
COST IMPACT: $200 fee revenue Parks and Recreation
FUNDING
SOURCE:
none Airport Originator
Library
TIMELINE: June 15, 2020 Information Systems
Grant Coordinator
SUMMARY STATEMENT:
103 Investments, LLC is purchasing Hangar 212 from South Coast Lumber. Therefore, 103 Investments,
LLC has requested a new lease for Hangar 212 and to terminate the existing lease with South Coast Lumber.
The existing lease consists of 14,250 square feet of property. The current annual Hangar Lease payment of
$2,762.27 is paid up through September 30, 2020. The new rate will be $4,275 and increases the lease term
from the original 14 years remaining to 40 years. Staff will work with the broker to receive the differences
between the old and new lease payments.
The purchaser has been provided with a copy of the current lease, current Airport Rules and Regulations,
and Airport Minimum Standards. The City Clerk will record the document, and keep a copy for the City’s
records. Staff has requested a $200 transaction fee. The contract has been reviewed by the City Attorney.
Attachments:
• New Hangar 212 Lease
• Previous Hangar 212 Lease cancellation
RECOMMENDED ACTION:
Approve the new Hangar 212 Lease for 103 Investments, LLC, and Terminate the existing Hangar 212 lease
for South Coast Lumber and to authorize the Mayor to sign all relevant documents.
RECORD OF COUNCIL ACTION
MEETING DATE ACTION