HomeMy WebLinkAboutAdden 07 LAG 84-006
Addendum#07-98
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Cliff Howard and Fred Bahr, aka Sky Harbor Aviation)
THIS ADDENDUM to Lease Agreement 84-006 is effective as of the date of
execution by the City of Renton, as indicated on the last page of this addendum.
RECITALS:
WHEREAS, the Partnership assumed lease LAG 84-006 from Puget Sound
Industries, Inc., as of March 25, 1997, and
WHEREAS, on July 2, 1997, the City of Renton executed Permit Agreement 97-
003 with the Partnership of Cliff Howard and Fred Bahr, with a term beginning July 2,
1997 and terminating on August 31, 2006, and
WHEREAS, Lessee agreed to an annual rental rate of$0.14 per square foot per
year for the leased area of 81,966 square feet, said rental rate to be effective as of July 2,
1997, and continuing until August 31, 1999, and
WHEREAS, during July 1997, new land lease rates had been established by
arbitration, and
WHEREAS, the land rental rate for the land area leased by the Partnership was
determined during arbitration to be $0.28 per square foot per year for 42,936 square feet
of leased area and $0.14 per square foot for 39,030 square feet of leased area, for the
period September 1, 1996 through August 31, 1999, and
WHEREAS, the land rental rates of$0.28 and $0.14 per square foot per year shall
continue until August 31, 1999, and effective as of September 1, 1999 said rental rate shall
be readjusted by and between the parties to be effective for the ensuing three (3) year
period of the lease, and
WHEREAS, both parties desire to make periodic adjustments to the land rental rate
based upon the Consumer Price Index-Urban.
NOW, THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND
BETWEEN THE CITY OF RENTON AND THE PARTNERSHIP AS FOLLOWS:
WITNESSETH:
1. The Lessor and Lessee do hereby agree to a land rental rate of$0.28 per square
foot per year for 42,936 square feet (the parcel on which the hangar and office are
constructed) and $0.14 per square foot per year for 39,030 square feet (three parcels, the
west tie down area, the east tie down area and the vehicle parking lot, all as identified in
Addendum 05-94 to lease agreement LAG 006-84), and
Lease Agreement 84-006 1
Assumed March 1997 by the Partnership of
Cliff Howard,dba Cliff Howard Aviation
and Fred Bahr,dba Bahr Aero,and both
also known as Sky Harbor Aviation
LAG 84-006
Addendum#07-98
2. Lessor and Lessee do hereby agree that the annual rates of$0.28 and $0.14 per
square foot per year, as identified in paragraph 1, above, shall remain in effect until August
31, 1999, and effective as of September 1, 1999 the rental rate shall automatically be
readjusted by and between the parties as specified in paragraph 17 of the lease, utilizing
the increase of the Consumer Price Index, for the three (3) year period thereafter.
Minimum base rental for any extended period, that is, after September 1, 1999, shall not
be less than the current annual rental of$17,486.
3. Lessor and Lessee do hereby further agree that the Consumer Price Index
information to be used for rental adjustments shall be the Consumer Price Index - Urban
(CPI-U) then in effect for all urban consumers, as published by the US Department of
Labor for the Seattle-Tacoma Metropolitan Area.
5. Lessor and Lessee do hereby further agree that at least thirty (30) days prior to
the Rental Adjustment Date either party shall, if they desire to adjust the base land rental
rate for the ensuing three (3) year period, provide to the other party a written request for
readjustment of the rental rate pursuant to RCW 14.08.120(5).
6. All other terms and conditions of the original Lease Agreement shall remain in
full force and effect.
THE PARTNERSHIP CITY OF RENTON
a Municipal Corporation
C7.014.6.)".
Cliff Howard, Partner Mayor Jesse Ta:Ener
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AL- 1 e'
net' City C1ei M.Erlyn J. Petersen
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rate
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Lease Agreement 84-006 2
Assumed March 1997 by the Partnership of
Cliff Howard,dba Cliff Howard Aviation
and Fred Bahr,dba Bahr Aero,and both
also known as Sky Harbor Aviation