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Board approves consumer‑price‑index increases for hangar leases; invoices to be sent after city council review
Summary
The board approved five‑year CPI adjustments to hangar lease rates based on U.S. Bureau of Labor Statistics figures and directed staff to send revised invoices after the Guthrie City Council reviews the change next week.
The Regional Airport Board approved applying five‑year consumer price index (CPI) adjustments to hangar lease rates and directed staff to forward the change to the Guthrie City Council for final action.
Staff said each hangar lease contains a five‑year CPI adjustment clause that uses the U.S. Bureau of Labor Statistics five‑year average. The packet included the BLS figures and staff told the board the average increase equates to roughly a 3% adjustment in the most recent calculation. Staff said they will present the board-approved adjustment to the Guthrie City Council at its next meeting and then issue updated invoices to hangar tenants.
Board members noted many leaseholders already received a letter from the airport announcing potential increases and that a number of tenants had called staff with questions.
Why it matters Annual or multiyear CPI adjustments are a routine contractual mechanism to preserve real lease revenue over time. For tenants, the adjustment will increase monthly or annual lease payments once the council and staff finalize invoicing.
What’s next Staff will take the board-approved CPI adjustments to Guthrie City Council, issue new invoices to hangar tenants after council action, and respond to tenant inquiries.
