HomeMy Public PortalAboutAB 20-227 Hangar 212 Landlord's Consent for Assignment - 103 InvestmentsMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 20-227
Meeting Date August 27, 2020
AGENDA ITEM INFORMATION
SUBJECT:
Request to Approve Hangar 212 “Landlord’s Consent to Assignment” from Idaho First Bank for 103 Investments LLC
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:
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
103 Investments, LLC, the owner of Hangar 212, is seeking to refinance the building loan. 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 annual lease, or the loan agreement. Also attached is a copy of the current lease.
The original lease was entered into on June 9, 2020, for a period of 20 years and is renewable at that time for up to two (2) additional 10-year terms. A copy of the lease has been provided
to the lender. After signature, the City Clerk will record the document and keep a copy for our files. The City Attorney reviewed the document and found it acceptable.
The lease rate and terms remain the unchanged as this assignment is not a new lease. Last year’s lease payment $4,275.00 and is subject to a CPI adjustment on October 1, 2020.
RECOMMENDED ACTION:
Approve Hangar 212 Landlord’s Consent to Assignment from Idaho First Bank for 103 Investments LLC and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION
June 4, 2020
AB 20-162 Approved new land lease for Hangar 212 with 103 Investments, LLC