Summary of Lease Payment ScheduleTERM: 20 YEARS WITH TWO 5 YEAR EXTENSIONS
Annual rate:
5,778 square feet @ an annual rate of $1.3956 per square foot
12,776 square feet @ an annual rate of $0.7514 per square foot
Item 3 -- Fuel System Rental:
Fuel tanks and pumping station @ an annual rate of $3,600
Item 5 — Parking Fees:
50% of all parking fees collected for all aircraft parked in public parking
area adjacent to the leased premises, elsewhere on the ramp or apron area
adjacent to the premises or on such areas as may be designated by Lessor.
Lease rates shall be fixed from October 1, 2005 until October 1, 2010. After October 1,
2010 all rates will be increased by 2% per year until October 1, 2015. After October 1,
2015 all rates will increase by 3% per year through the end of the lease, plus any
extensions granted to the lease.
The lease rates in existence at the time the new FBO/Maintenance facility is constructed
will be the rate used for a continuance of the original FBO lease. The lease rate on the
new fueling facility will continue as per the FBO lease. All designated tie -down spots
assigned to the new FBO will be at the current tie -down rates.
Any hangars built by the City Airport may be leased to the FBO under the continuation of
the FBO lease. The FBO may lease, for itself, an area to build hangars and T-hangars to
accommodate up to 12 aircraft, as per the FBO lease.