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County approves lease addendum amortizing fire-hydrant installation for Timberland Construction hangar
Summary
The county approved an addendum to an airport lease with Timberland Construction Services LLC to amortize a lessee-funded fire-hydrant extension; the addendum reduces rent by $212.93 per month over 11.5 years and includes reimbursement terms if the hangar sells within five years.
Kootenai County approved an addendum to an airport lease with Timberland Construction Services LLC that reimburses the lessee for installing a fire-hydrant extension by reducing rent over a fixed amortization schedule.
Kim Stevenson, representing the airport, said a fire hydrant ended up north of the hangars and the lessee, Timberland Construction, paid to extend the hydrant to better serve the new hangars along Taxiway D1 Alpha. The airport obtained its own quote and found the lessee's payment was nearly $3,000 less. Under the approved addendum the county will amortize the full payment and provide a monthly rent reduction of $212.93 over 11.5 years. The addendum includes a clause that if the lessee sells the hangar within five years the airport will reimburse the lessee; if the sale occurs at five years or more the unreimbursed amount will not be repaid.
The board moved to approve the lease addendum (AAL20222200 as recorded) and Commissioners Eberline, Duncan and Chair Metari voted aye. The airport will finalize the addendum under the county's standard lease procedures.
