HomeMy Public PortalAboutAB 15-178 ARPT Hangar 209 Consent to Assignment
McCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 15-178
Meeting Date September 24, 2015
AGENDA ITEM INFORMATION
SUBJECT:
Approval for Consent to Assignment of Lease for Hangar 209, Michael S. Chapman Trust
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:
Immediate
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
Michael Chapman as the trustee of Michael S. Chapman Trust is the owner of Hangar 209 and is coordinating use of this privately owned hangar as collateral through Wolfe Properties &
Investments LLC. Wolfe Properties & Investments LLC has requested consideration for issuance of a landowner’s consent to assignment for completion of this process. A landlord’s consent
to assignment of a lease allows a lender, Wolfe Properties & Investments LLC in this case, to step into the position of the lessee should the lessee default or be in danger of defaulting
upon the lease agreement for this hangar. In the scenario of a default, the lender then becomes the lessee until the defect is cured, and the lender fulfills the terms of the lease
agreement. The enclosed consent form was prepared by Wolfe Properties & Investments LLC.
RECOMMENDED ACTION: It is recommended that City Council approve the enclosed consent form and authorize the Mayor to sign any and all documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION