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Authority approves 5-year rent reset for King hangar, directs staff to draft leases for MAC Air ownership change
Summary
The Municipal Airport Authority approved a five-year renewal for a longstanding hangar tenant with a rent increase and escalation clause, and voted to have staff prepare two new leases tied to a proposed MAC Air ownership change and a hangar use change.
The Municipal Airport Authority approved a five-year renewal this meeting for a long‑standing hangar tenant and directed staff to draft two new leases related to an ownership change at MAC Air.
The renewal grants the tenant known in meeting materials as "Mister King" a five‑year extension at a monthly rate of $1,340 for the first year, with a 3% annual escalation for the remaining term. The board also voted for staff to prepare two leases and related amendments to reflect a pending change of ownership at MAC Air and a change of use for one hangar to an avionics shop.
Why it matters: the decisions update rents and contract terms that have been in place for many years and will affect airport revenue, tenant responsibilities and the authority’s standard lease language going forward.
Board discussion and vote The board reviewed the King lease history, which includes an original lease and several amendments. Staff told the board the tenant’s…
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