HomeMy WebLinkAboutAdden 15 LAG 84-006
Addendum 015-15
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Aerodyne LLC)
THIS ADDENDUM to Lease Agreement LAG 84-006 is effective as of September
1, 2014.
RECITALS:
WHEREAS, Aerodyne LLC has a Lease Agreement with the City of Renton, LAG
84-006, executed on September 1, 1984, and assigned under Addendum 12-06; and
WHEREAS, Aerodyne LLC leases two parcels inside the perimeter fence,
consisting of 42,936 square feet and 34,774 square feet, for a total leased area inside
the fence of 77,710 square feet; and
WHEREAS, Aerodyne LLC leases two parking lot parcels outside of the perimeter
fence, consisting of a west parking lot with a square foot of 4,518 square feet and an
east parking lot with a square footage of 1,466 square feet, for a total parking lot leased
area of 5,984, and with a lease rate that is 66% of the established ground lease rate;
and
WHEREAS, on September 1, 2011, the land rental rate for the approximately
77,710 square feet of land area leased by Aerodyne LLC was determined to be $0.62
per square foot per year and continuing until September 1, 2014; and
WHEREAS, on September 1, 2011, the land rental rate for the approximately
5,984 square feet of leased parking lot area was determined to be $0.41 per square
foot per year and continuing until September 1, 2014; and
WHEREAS, the Lessor and Lessee desire to reduce Aerodyne LLC's 34,774 square
foot parcel inside the fence by a 662 square foot triangular section to use for the new
blast fence location; and
WHEREAS, the reduced area of the two parcels inside the perimeter fence,
consisting of 42,936 square feet and 34,112 (34,774—662) square feet, results in a new
total leased area inside the fence of 77,048 square feet; and
WHEREAS, pursuant to LAG 84-006 Addendum 13-09, in a letter dated April 4,
2014, Lessee was notified by certified letter that the lease rate would be readjusted
using a means other than the Consumer Price Index-Urban; and
Lease Agreement LAG 84-006 U R I G 1 N A . 1
City of Renton to Aerodyne LLC
LAG 84-006
Addendum 015-15
WHEREAS, effective September 1, 2014, Lessor had adjusted the land lease rate
to $0.75 per square foot per year for the77,048 square feet of land within the
perimeter fence, and Lessee had paid said rental rate, pursuant to LAG 84-006; and
WHEREAS, effective September 1, 2014, Lessor had adjusted the land lease rate
for the parking lots to $0.50 (66%of$0.75) per square foot per year, and Lessee had
paid said rental rate, pursuant to LAG 84-006; and
WHEREAS, on January 8, 2015, through a lease arbitration process, a new land
rental rate was established at $0.7252 per square foot per year; and
WHEREAS, on September 1, 2014, and for the ensuing three (3) year period, the
land rental rate should be adjusted, using the lease arbitration process, to a rate of
$0.7252 per square foot per year for the 77,048 square feet of leased area, resulting in
an annual rental amount of$55,875.21 (77,048 x$0.7252), and continuing until
September 1, 2017.
WHEREAS, on September 1, 2014, and for the ensuing three (3) year period, the
two (2) parking lot areas, consisting of 5,984 square feet, have a rate of$0.48 per
square foot per year, or 66% of the land rental rate because of their limited
marketability ($0.7252 x .66= $0.48), resulting in an annual rental amount of$2,872.32
(5,984 x $0.48), and continuing until September 1, 2017.
WHEREAS, the annual difference between 77,048 sq.ft. x $0.75 and 77,048 sq.ft.
x $0.7252 is $1,910.79 ($57,786.00- $55,875.21). The monthly amount of the
differential is $159.23 ($1,910.79/ 12). The refund amount is Nine Hundred Fifty Five
dollars and Thirty Eight cents ($955.38) (6 months x $159.23), for the period beginning
September 1, 2014 to February 28, 2015. The refund will be deducted from the land
rental amount in March 2015.
WHEREAS, the annual difference between 5,984 sq.ft. x $0.50 and 5,984 sq.ft. x
$0.48 is $119.68 ($2,992.00 - $2,872.32). The monthly amount of the differential is
$9.97 ($119.68/ 12). The refund amount is Fifty Nine dollars and Eighty Two cents
($59.82) (6 months x$9.97), for the period beginning September 1, 2014 to February
28, 2015. The refund will be deducted from the land rental amount in March 2015.
Lease Agreement LAG 84-006 2
City of Renton to Aerodyne LLC
LAG 84-006
Addendum 015-15
NOW,THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND BETWEEN THE
CITY OF RENTON AND AERODYNE LLC AS FOLLOWS:
WITNESSETH:
1. The Lessor and Lessee do hereby agree to amend Section 2 of Addendum 13-09 to
LAG 84-006, to reduce the square footage of the leased area inside the perimeter
fence and south of the taxilane to 34,112 square feet, as identified in the amended
Exhibit A-1, and that the area north of the taxilane remains unchanged at 42,936
square feet for a total land area of 77,048 square feet inside the perimeter fence
(34,112 sq. ft. + 42,936 sq. ft. = 77,048 sq. ft.), effective September 1, 2014.
2. The Lessor and Lessee do hereby agree to substitute Exhibit A-1 hereto, for Exhibit A
of Addendum 13-09 to LAG 84-006.
3. The Lessor and Lessee do hereby agree to amend Section 2 of LAG 84-006 to
provide that the new annual rent shall be $55,875.21 (77,048 sq.ft. x $0.7252), plus
leasehold excise tax, for the 77,048 square feet identified in Lease LAG 84-006 and
addenda, effective September 1, 2014 and continuing until August 31, 2017.
4. The Lessor and Lessee to hereby agree to amend Section 2 of LAG 84-006 to provide
that the new annual rent shall be $2,872.32 (5,984 sq.ft. x $0.48), plus leasehold
excise tax, for the 5,984 square feet identified in Lease LAG 84-006 and addenda,
effective September 1, 2014 and continuing until August 31, 2017.
5. Lessor will deduct the amount of$1,015.20 ($955.38 + $59.82) from Lessee's
invoice for March 2015 to reimburse Lessee for the overpaid rent for the period
September 1, 2014 to February 28, 2015.
6. 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.
Lease Agreement LAG 84-006 3
City of Renton to Aerodyne LLC
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LAG 84-006
Addendum 015-15
AERODYNE LLC CITY OF RENTON
a Limited Liability Company a Municipal Corporation
LQ, 9Lti,
11 -
t�enis Law
Mayo,
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Title Jason .eth, City Clerk ,,Nr":0;.,,,,,,
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Date G3
Approv s to legal form
ot,t4,1.044„A.,„„e7104.09664.-A"...,
Lawrence J. Warren
City Attorney
Lease Agreement LAG 84-006 4
City of Renton to Aerodyne LLC