County weighs 40‑year airport hangar lease

$1,125.00 per month plus 50% of all funds collected under any sublease

FACILITIES

Primary term of 40 years beginning the first day of the month after authorization to commence construction, then month-to-month with automatic monthly renewals absent 30 days’ notice

After the 40‑year primary term, tenant has the right to enter into another long‑term lease at a fair market rental rate; if a new long‑term lease is not completed, the agreement converts to automatic month‑to‑month renewals until either party gives 30 days’ written termination notice. Rent is to be reviewed and potentially adjusted every 10 years, limited to plus or minus 10% of the prior rate.

AgendaPacket