HomeMy WebLinkAboutAdden 8*me 14ftW LAG 011-85
Addendum # 8-11
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Kaynan, Inc.)
THIS ADDENDUM to Lease Agreement LAG 011-85 is effective as of June 1, 2011.
RECITALS:
WHEREAS, Kaynan, Inc. has a Lease Agreement with the City of Renton, LAG -
011 -85, executed on July 15, 1985; and
WHEREAS, on June 1, 2008, the land rental rate for the approximately 27,085
square feet of land area leased by Kaynan, Inc. was determined to be $0.57 per square
foot per year and continuing until June 1, 2011; 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 011-85 Addenda 06-07, in a letter dated March 28,
2011, Kaynan, Inc. 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, 2011, and for the ensuing three (3) 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 27,085 square feet of leased area, resulting in an annual rental amount
of $16,792.70 (27,085 x $0.62) plus leasehold excise tax, and continuing until June 1,
2014.
NOW, THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND BETWEEN THE
CITY OF RENTON AND KAYNAN, INC. AS FOLLOWS:
WITNESSETH:
1. The Lessor and Lessee do hereby agree to an annual land rent of $16,792.70 (27,085
x $0.62) plus leasehold excise tax, for the 27,085 square feet identified in lease LAG
011-85.
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.
ORIGINAL
Lease Agreement 011-85
City of Renton to Kaynan, Inc.
*401 *41W LAG 011-85
Addendum #
Kaynan, Inc. CITY OF RENTON
a Washington Corporation a Municipal Corporation
i r
Denis Law
Mayor
,I �-.
Title Bonnie Walton
City Clerk
a6 aell
D to
App r ed as to legal form
City Attorney
s
e
Lease Agreement 011-85 2
City of Renton to Kaynan, Inc.