HomeMy WebLinkAboutAdden 09 LAG-87-001, Adden #9-15
LAG 001-87
Addendum 9-15
ADDENDUM TO LEASE AGREEMENT
City of Renton to Boeing Employee Flying Association Inc
THIS ADDENDUM to Lease Agreement LAG 001-87 is effective as of June 1, 2015, by
the City of Renton, a municipal corporation (Lessor) and Boeing Employee Flying Association
Inc., a Washington corporation (Lessee), and amends that certain lease agreement LAG 001-
87, dated January 1, 1987.
RECITALS:
WHEREAS, under LAG 001-87, effective January 1, 1987, the City of Renton (Lessor)
had leased to the Boeing Employee Flying Association (Lessee) certain land on the Renton
Municipal Airport, Renton, Washington, until December 31, 2019; and
WHEREAS, under LAG 001-87, Lessee leases approximately 95,493 square feet of
ground space, including 6,736 square feet for a driveway access to the 850 Building; and
WHEREAS, on June 1, 2010, the land rental rate for the approximately 88,757
(95,493—6,736) square feet of land area leased by Lessee was determined to be $0.62 per
square foot per year and continuing until June 1, 2015; and
WHEREAS, also on June 1, 2010, the land rental rate for the driveway access of
approximately 6,736 square feet of land area leased by Lessee was determined to be fifty
percent (50%) of the base land rate, or$0.31 per square foot per year and continuing until
June 1, 2015; and
WHEREAS, on January 8, 2015, a new land rental rate was established, through the
lease arbitration process, at a rate of$0.7252 per square foot per year; and
WHEREAS, pursuant to LAG 001-87, Addendum 6-05 paragraph 5, in a letter dated
March 18, 2015, 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 June 1, 2015, the land rental rate was adjusted using the lease
arbitration process, to a rate of$0.7252 per square foot per year for the 88,757 square feet
of leased land, resulting in an annual rental amount of$64,366.58 (88,757 x $0.7252), and
continuing until December 31, 2019; and
ORIGINAL
Addendum 9-15 to LAG 001-87 1
City of Renton to Boeing Employees Flying Association Inc
LAG 001-87
Addendum 9-15
WHEREAS, on June 1, 2015, the land rental rate for the driveway access, being a joint
use area and with a reduced land rental rate that is fifty percent (50%) of the existing land
rental rate, was adjusted to a rate of$0.36 ($0.7252 x .50) per square foot per year for the
6,736 square feet of driveway access, resulting in an annual rental amount of$2,424.96
(6,736 x$0.36), and continuing until December 31, 2019.
NOW,THEREFORE, IN CONSIDERATION OF THE TERMS AND CONDITIONS HEREIN
CONTAINED AND FOR OTHER GOOD AND VALUABLE CONSIDERATION,THE RECEIPT AND
SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, LESSOR AND LESSEE AGREE TO
AMEND THE LEASE AND LEASE ADDENDA AS SET FORTH BELOW:
WITNESSETH:
1. The Lessor and Lessee do hereby agree to amend section 2 of LAG 001-87 to provide
an annual land rent of$64,366.58 (88,757 x$0.7252), PLUS leasehold excise tax,for
the 88,757 square feet identified in lease LAG 001-87, effective June 1, 2015 through
December 31, 2019.
2. The Lessor and Lessee do hereby agree to amend section 2 of LAG 001-87 to provide
an annual land rent of$2,424.96 (6,736 x$0.36), PLUS leasehold excise tax,for the
6,736 square feet of driveway access identified in Addendum 8-10 of lease LAG 001-
87, effective June 1, 2015 through December 31, 2019.
3. 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.
Boeing Employee Flying Association Inc CITY OF RENTON
a Washington corporation a Mu icipal Corporation
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Denis Law
Mayor
Addendum 9-15 to LAG 001-87 2
City of Renton to Boeing Employees Flying Association Inc
LAG 001-87
Addendum 9-15
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Addendum 9-15 to LAG 001-87 3
City of Renton to Boeing Employees Flying Association Inc