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I 8.1 I <br /> AGENDA ITEM: (1) Approval of Consent to Assignment of Airport Lease Agreement for Airport <br /> Lease (City Contract No. 1990-029C) from Ritt-Aire LLC to JDS Family Limited Partnership; and <br /> (2) Approval of Amendment (City Contract No. 1990-029CA1) to add a fifteen year extension to <br /> the Lease Agreement. <br /> Due to the investment of purchasing the hangar from RittAire, LLC, JDS Family Limited <br /> Partnership has requested to add an additional fifteen years to the Lease. If approved, <br /> the new expiration date will be April 12, 2055. <br /> Financial Impact <br /> The Lease payment is currently $3,388.54 per month ($40,662.00 per year) excluding <br /> applicable taxes and the lease contains an automatic cumulative CPI increase every <br /> year not less than 2%. The next CPI increase is scheduled for January of 2018. <br /> Attachments <br /> 1. City Contract No. 1990-029C (Consent to Assignment of Lease) <br /> 2. City Contract No. 1990-029CA1 - Amendment <br /> Recommended Action: (1) MOVE to approve Consent to Assignment of Airport Lease <br /> (City Contract No. 1990-029C) from Ritt-Aire LLC to JDS Family Limited Partnership. (2) <br /> MOVE to approve Amendment (City Contract No. 1990-029CA1) to add a fifteen year <br /> extension to the Lease Agreement. <br /> Packet Pg. 126 I <br />