HomeMy WebLinkAboutAddendum - 7LAG-12-004
Amendment 7-25
AMENDMENT TO LEASE AGREEMENT
(City of Renton to Bosair, LLC)
THIS AMENDMENT to Lease Agreement LAG-12-004 is effective as of the date of
execution by the City of Renton, as indicated on the last page of this amendment.
RECITALS:
WHEREAS, Bosair, LLC (hereinafter "Tenant") has a Lease Agreement with the City of
Renton (hereinafter "Landlord"), known to Landlord and Te nant (collectively, the "Parties") as
LAG-12-004, executed on October 1, 2012 and subsequently amended by and through its
amendments , Amendment 01-14, Amendment 02-14, Amendment 03-15, Amendment 05-21,
and Amendment 06-22; (hereinafter, collectively, the "Lease); and
WHEREAS, Amendment No. 4 was never executed by the Parties; and
WHEREAS, on November 1, 2021, the land rental rate was adjusted using Consumer
Price Index-Urban (CPI-U), to a rate of $0.8637 per square foot per year for the 80,811.88
square feet of leased land, resulting in an annual rental amount of $69,804.84 (80,811.88 x
$0.8637), and continuing until September 30, 2024; and
WHEREAS, on March 27, 2019, the Airport conducted an independent market appraisal
of all Airport leased areas to determine the fair market value (hereinafter "market appraisal").
The market appraisal determined the fair market ground lease rate to be $1.10 per square foot
per year for all ground leases on the Airport; and
WHEREAS, Landlord intends to use the most recent market appraisal study plus the CPI
U to adjust the annual land rental rate to its fair market value; and
WHEREAS, pursuant to LAG-12-004, section 4.c., in a letter dated April 4, 2024, Lessee
was notified by hand delivered letter that the lease rate would be readjusted using a means
other than the CPI-U; and
WHEREAS, The Landlord and Tenant do hereby agree to amend section 4.a. of LAG 12-
004 to provide an annual land rent of $111,520.39 (80,811.88 x $1.38), PLUS leasehold excise
tax , for the 80,811.88 square feet identified in lease LAG-12-004, effective October 1, 2024,
through September 30, 2027; and
WHEREAS, Tenant shall make a lump sum payment to Landlord of the back payment of
rent at the new land rental rate for the period beginning on October 1, 2024, upon execution of
this Amendment; and
WHEREAS, all other terms and conditions of the Lease and the amendments thereto
shall remain in full force and effect;
Amendment to Lease LAG-12-004
City of Renton to Bosair, LLC
1
LAG-12-004, Adden #7-25
3/10/2025
Approved by Alex Tuttle via memo 1/21/2025