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Airport authority approves 4-year reduced-rate lease for parking parcel tied to MTSU project
Summary
After discussing a long-running confusion over which lease version tenants received, the Municipal Airport Authority approved a four-year lease with Azure at 25¢ per square foot and no annual escalation so Azure can begin site work and provide parking for an MTSU campus-related project.
The Municipal Airport Authority voted to approve a four-year lease with Azure for a parcel intended to provide temporary parking and site access for a Middle Tennessee State University (MTSU)-related project. The board set the rent at 25¢ per square foot with no annual escalation, and members said the lease will include an exhibit describing tenant obligations for grading, leveling and lighting.
The discussion followed weeks of confusion about which lease language tenants had been sent. Board members said an older sample lease lacking the board’s adopted 3% annual escalation clause had been emailed to tenants; several…
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