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Airport staff explain lease addenda; two hangar leases to omit annual 3% escalation amid transition
Summary
Airport staff told council that two hangar construction leases converting to long-term leases will not include the 3% annual escalation clause because of a policy transition and miscommunication; staff described future leases including escalation clauses and an Assurant 4-year temporary parking lease at $0.25 per sq ft.
Airport staff briefed Shelbyville council on Sept. 3 about addenda to two private hangar construction leases that will convert into 30-year long-term leases.
Staff said the airport's current policy includes a 3% annual escalation clause on most leases but that these two initial hangar leases were entered during a policy transition and the lessees were not aware of the clause. To avoid an…
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