Finance committee approves ground lease for hangar at city airport

The City Council Finance Committee on Sept. 23 authorized execution of an airport ground lease for Mike Yankaitis, approving the same form of ground-lease used for prior hangar projects. The vote occurred during the committee's regular meeting in council chambers and carried on a voice vote after a motion by Tierney and a second from Henke. Committee members said the airport manager was available for questions but no substantive discussion of lease terms occurred at the meeting. The chair described the proposed instrument as “a similar lease that what we've used for previous, ground leases for previous hangar projects.” No supplemental documents, lease language changes, rent amounts, or term lengths were discussed or recorded during the committee discussion; committee members approved only authorization to execute the ground lease as presented at the meeting. The committee chair said the item will also appear on the full council agenda later that evening.