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Addendum 10-12
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ADDENDUM TO LEASE AGREEMENT
(City of Renton to Northwest Seaplanes, Inc.)
THIS ADDENDUM to Lease Agreement LAG 005-91 is effective as of January 1,
2012.
RECITALS:
WHEREAS, Northwest Seaplanes, Inc. has a Lease Agreement with the City of
Renton, LAG 005-91, executed on January 1, 1992; and
WHEREAS, on January 1, 2007, the land rental rate for the approximately
91,545.57 square feet of land area leased by Northwest Seaplanes, Inc. was determined
to be $0.3674 per square foot per year and continuing until January 1, 2012; and
WHEREAS, in February 2009, the Airport contracted with Allen Brackett Shedd to
conduct 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 $0.62 per square foot per year for all ground
leases on the Airport; and
WHEREAS, pursuant to LAG 005-91 Addenda 9-07, in a letter dated October 31,
2011, Lessee was notified by certified letter that the lease rate would be readjusted
using a means other than the Consumer Price Index-Urban; and
WHEREAS, on January 1, 2012, and for the ensuing five (5) year period, the land
rental rate was adjusted, using the market appraisal, to a rate of$0.62 per square foot
per year for the 91,545.57 square feet of leased area, resulting in an annual rental
amount of$56,758.25 (91,545.57 x $0.62), and continuing until January 1, 2017.
NOW,THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND BETWEEN THE
CITY OF RENTON AND NORTHWEST SEAPLANES, INC. AS FOLLOWS:
WITNESSETH:
1. The Lessor and Lessee do hereby agree to amend section 3 of LAG 005-91 to provide
an annual land rent of$56,758.25 (91,545.57 x $0.62), for the 91,545.57 square feet
identified in lease LAG 005-91 through January 1, 2017.
ORIGINAL
Lease Agreement LAG 005-91 1
City of Renton to Northwest Seaplanes,Inc.
LAG 005-91
+,y,,,, `✓Addendum 10-12
2. All other terms and conditions of the original Lease Agreement and Addenda
thereto, insofar as they are not inconsistent herewith, shall remain in full force and
effect.
Northwest Seaplanes, Inc. CITY OF RENTON
a Washington Corporation a Municipal Corporation
Denis Law
Mayor
73(44,i,e7(1 Y(3e7tt.i..e; Zd'af -
Title Bonnie Walton
City Clerk
D e
Appr ed as to legal form
City Attorney
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Lease Agreement LAG 005-91 2
City of Renton to Northwest Seaplanes, Inc.