HomeMy Public PortalAboutAB 20-261 Hangar 545 new leaseMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 20-261
Meeting Date September 24, 2020
AGENDA ITEM INFORMATION
SUBJECT:
Approve a New lease for Hangar 545 for Fitzpatrick Revocable Trust and Terminate the existing lease with InterEd, Inc.
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:
September 28, 2020
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
Fitzpatrick Revocable Trust. is purchasing Hangar 545 from InterEd, Inc. Therefore, 103 Investments, LLC has requested a new lease for Hangar 545, and an existing lease cancellation
from InterEd, Inc.
The lease consists of 1,512 square feet of property. The current annual Hangar Lease payment of $454.63 is paid through September 30th. The new rate will be $453.60 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. We have requested a $200 transaction fee.
The lease has been reviewed by the City Attorney.
Attachments:
New Hangar 545 Lease
Previous Hangar 545 Lease Termination
RECOMMENDED ACTION:
Approve a New lease for Hangar 545 for Fitzpatrick Revocable Trust and terminate the existing lease with InterEd, Inc.and to authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION