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Assembly to consider 25-year $500-a-year lease for Kodiak Rodeo and State Fair
Summary
Borough staff proposed a 25-year ground lease allowing the non-profit Kodiak Rodeo and State Fair to continue occupying fairground land at $500 per year. The lease is below fair market value under borough code to support the nonprofit’s grant-funded activities; assembly members asked staff to quantify the in-kind tax value.
Borough staff presented a proposed 25-year ground lease Thursday that would allow Kodiak Rodeo and State Fair, Inc., to continue occupying the Kodiak Fairgrounds at an initial annual rent of $500.
The matter matters because the fairgrounds occupy borough land and the nonprofit’s operations are grant-funded; the lease term and below-market rent affect both the nonprofit’s grant eligibility and the borough’s…
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