HomeMy Public PortalAboutAB 13-47 Hangar525.JensentoSchaffer
McCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 13-47
Meeting Date March 14, 2013
AGENDA ITEM INFORMATION
SUBJECT:
Hangar 525 Lease Assignment
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Clerk
Treasurer
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
n/a
Parks and Recreation
FUNDING SOURCE:
n/a
Airport
Originator
Library
TIMELINE:
ASAP
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
The owner of Hangar 525 has a sale pending with a closing scheduled on April 1, 2013, and the seller has requested that we assign the lease to the purchaser. The purchaser, Michael Schaffer,
has been provided with a copy of the lease, current Airport Rules and Regulations, and Airport Minimum Standards. The lease, a copy of which is attached, was entered into 28 February
2007 for a period of 20 years and is renewable for up to four (4) additional five (5) year terms. Under the current lease rate structure with all land for new leases valued at $0.35
per square foot per annum, plus the annual CPI adjustment. With this assignment the annual lease fee will go from $390.50 to approximately $545.83. The lease assignment has been signed
by the seller and the purchaser, and the signatures have been notarized and are attached. After the Mayor signs the assignment, the City Clerk will record the document, and keep a copy
for our files. We have requested a $200 transaction fee. The lease terms remain unchanged as this is not a new lease. The lease payment is current for FY13. Pending receipt of original
notarized documents.
RECOMMENDED ACTION:
Approve the lease assignment of Hangar 525 from Jensen to Schaffer and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION