HomeMy WebLinkAboutAdden 07 w "'"r LAG 001-87
Addendum#7-1 n
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Boeing Employee Flying Association)
THIS ADDENDUM to Lease Agreement LAG 001-87 is effective as of June 1, 2010.
RECITALS:
WHEREAS, Boeing Employee Flying Association (hereinafter "BEFA") has a Lease
Agreement with the City of Renton, LAG-001-87, executed on January 1, 1987; and
WHEREAS, the premises leased by BEFA is approximately 124,838 square feet of
land area; and
WHEREAS, in late 2010, a vehicle drive-lane striping project will be completed by
the Airport for the purpose of establishing a vehicle-drive lane along the west side of
the Airport. The northern-most portion of the vehicle drive-lane will be positioned
partially inside BEFA's leased area, due to distance and height restrictions; and
WHEREAS, to make this area around BEFA's leased area safer for vehicular
traffic, Airport staff have contacted BEFA about reducing their overall leased area by
moving their eastern lease line westward to accommodate the extension of the drive
lane around BEFA and over to Gate V2.
WHEREAS, as a result of the vehicle drive-lane striping project, BEFA's lease area
has been re-surveyed to determine the new square footage of leased ground area; and
WHEREAS, the lease survey map (see Attachment 1) determined that the leased
area will be decreased from 124,838 square feet to 119,560 square feet; and
WHEREAS, the effective date of the decrease in leased area is June 1, 2010; 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 01-87 Addenda 6-95 and 4-98, in a letter dated
March 16, 2010,the Boeing Employee Flying Association was notified that the lease
rate would be readjusted using a means other than the Consumer Price Index-Urban;
and
ORG1NAL
Lease Agreement 001-87 1
City of Renton to Boeing Employee Flying Association
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'`r" LAG 001-87
Addendum# 7-1n
WHEREAS, on June 1, 2010, 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 119,560 square feet of leased area, resulting in an annual rental
amount of$74,127.20 (119,560 x $0.62), and continuing until June 1, 2015.
NOW, THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND BETWEEN THE
CITY OF RENTON AND BOEING EMPLOYEE FLYING ASSOCIATION AS FOLLOWS:
WITNESSETH:
1. The Lessor and Lessee do hereby agree to a decrease in the leased square footage
from 124,838 square feet to 119,560 square feet, based on the surveyed lease map
(Attachment 1).
2. The Lessor and Lessee do hereby agree to an annual land rent of$74,127.20
(119,560 x$0.62 = $74,127.20), for the 119,560 square feet identified in the lease
map, Attachment 1.
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 CITY OF RENTON
a Washington Corporation a Municipal Corporation
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Attest: ala
Title Jas' A. eth, Deputy City Clerk
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Date
Approv s to legal form
11400114011.4;171 %"6...
City Attorney
Lease Agreement 001-87 2
City of Renton to Boeing Employee Flying Association
*ow `""''" Attachment 1
City of Renton
Renton Airport
Project 036308
April 23,2010
Boeing Employees Flying Association (BEFA)Lease
That portion of the northwest quarter of Section 7,Township 23 North,Range 5 East,W.M.,in the City
of Renton,King County,Washington,described as follows:
COMMENCING at Runway Station 0+00 of the City of Renton Airport,as shown on Sheet 2 of 6 of
that Record of Survey recorded under King County recording no.20000314900001,being marked by a
rebar and cap,thence N04°49'43"W,along the centerline of the existing runway as shown on said survey,
a distance of 4,272.54 feet;
Thence S85°10'17"W a distance of 391.01 feet to the POINT OF BEGINNING;
Thence S84°50'50"W a distance of 357.04 feet;
Thence NO2°05'50"E a distance of 109.27 feet;
Thence N00°10'25"E a distance of 90.06 feet;
Thence N01°31'17"W a distance of 159.48 feet;
Thence N04°53'45"E a distance of 14.99 feet;
Thence N85°10'17"E a distance of 170.10 feet;
Thence SO4°49'43"E a distance of 40.00 feet;
Thence N85°10'17"E a distance of 154.17 feet;
Thence SO4°49'43"E a distance of 330.16 feet to the POINT OF BEGINNING.
Contains 119,560 square feet,more or less(2.74 acres).
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