HomeMy Public PortalAboutAB 22-082 Hangar 106F AssumptionMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 22-082
Meeting Date March 31, 2022
AGENDA ITEM INFORMATION
SUBJECT:
Request Approval of Hangar 106F Lease Assignment from Lori MacNichol to John Gregory
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Clerk
Treasurer
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
$0.00
Parks and Recreation
FUNDING SOURCE:
none
Airport
/
Originator
Library
TIMELINE:
ASAP
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
The owner of Hangar 106F, Lori MacNichol, wishes to sell Hangar 106F to John Gregory. The original terms of the lease were for 15 years, commencing on Oct. 1, 2002, until Sept. 31, 2017.
The original terms allowed for renewal of up to four (4) additional five (5) year terms for so long as the rent and other conditions of the lease are faithfully adhered to, and subject
to adjustment of rent provided herein. These terms have been faithfully adhered to, and the lease is in good standing. Lori MacNichol wishes to transfer the lease to John Gregory. The
purchaser has been provided a copy of the current lease, the current Airport Rules and Regulations, and the Airport Minimum Standards.
This hangar transaction is not required to be approved by the Airport Advisory Committee. Rent shall be payable annually in advance on October 1 of each year, initially in the amount
of 0.10 cents per square foot for bare ground, presently 0 square feet, plus 0.20 cents for land covered by above -ground Leasehold Improvements, presently 1,353 square feet; initially,
in 2002, this sum totaled $270.60 per annum. In 2021, this sum totaled $422.60. If the new lessee determines they wish to renew this Lease, they shall give notice of that fact during
the last six months of the expiring term, which will be October 1, 2022. A lease reassignment fee of $250.00 will be paid by John Gregory.
The City of McCall will use the following formula to compute the calculation for each year's Rent increase: The Current Year's Rent = Last Year's Rent x (The Current CPI / Last Year's
-CPI)
Example: The CPI for 2020= 271.264
The CPI for 2021 = 275.60
Rent = $100.00
102.55 = $100.00 x (173.1 / 168.8)
RECOMMENDED ACTION:
Approve the Assignment and Assumption of Hangar 106F lease from Lori MacNichol to John Gregory and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION