HomeMy Public PortalAboutAB 19-113 Lease Assumption Hangar 552McCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 19-113
Meeting Date May 23, 2019
AGENDA ITEM INFORMATION
SUBJECT:
Request to Approve the Assumption of Hangar 552 Lease by The Peter B. Scott and Becky Scott Trust of 1999, and terminate individual interest in the lease at Time of Closing
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Clerk
Treasurer
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
Parks and Recreation
FUNDING SOURCE:
Airport
Originator
Library
TIMELINE:
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
Peter and Becky Scott wish to assign the lease of Hangar 102 grounds to their trust, The Peter B. Scott and Becky Scott Trust of 1999. The FY19 lease rate was $.294/sq ft covered ground.
This leasehold has 1,512 sq ft covered ground making the lease amount $444.31 The rate for a new lease in FY 19 is $.312, so this lease will adjust to the current rate. As the processing
cost to collect the difference in lease rate ($11.43) would exceed the amount collected, we will assess the new rate beginning with the FY20 billing cycle. The initial term of the lease
ends December 28, 2026 with the opportunity for four (4) five (5) year lease extensions.
This lease assumption was assessed a $200 processing fee.
Attachment: Lease Assignment
RECOMMENDED ACTION:
Approve the assumption of the Hangar 552 lease by The Peter B. Scott and Becky Scott Trust of 1999, terminate Peter B. Scott & Rebecca A. Scott interest in the lease at time of closing,
and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION