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Council approves termination and reissuance of hangar lease to Kim M. Smith Trust
Summary
Riverton approved terminating an existing ground hangar lease for William Chupka and granted a new ground lease to Kim M. Smith Trust at Central Wyoming Regional Airport, with updated rental based on the city's rate.
The City Council on Sept. 2 approved terminating an existing ground hangar lease dated March 31, 2022, for William (Bill) Chupka and authorized a new ground hangar lease to the Kim M. Smith Trust (trustee Timothy C. Smith) at Central Wyoming Regional Airport.
Staff said the airport owns the ground footprint while leaseholders own hangar buildings; the council’s action terminates the prior ground lease and establishes a new 10-year lease with three successive five-year renewal options for the trustee. Council staff explained the rate is assessed each May; the current rate is $0.19 per square foot, which for the subject hangar yields an annual ground rent of $366.51 under the new agreement compared with $327.93 under the previous lease.
Council approved termination of the prior lease and grant of the new lease by voice vote. Staff emphasized the lease limits hangar use to aviation purposes and that the city prefers execution of a new lease rather than lease assignment for the site.
