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Airport authority approves amended land lease; hangar rent set by footprint at $0.43/sq ft (flight‑line $0.47)
Summary
The board unanimously approved an amended land lease that charges rent based on hangar footprint (not entire lot) at $0.43 per square foot for hangars and $0.47 for flight‑line hangars, and clarified annual rent adjustments will be set by the authority (minimum tied to Social Security COLA language changed to 'at minimum').
The Cache County Airport Authority unanimously approved an amended land lease on Thursday that changes how hangar rent is calculated and clarifies annual adjustment language.
Board members had debated whether to charge the entire hangar lot or only the footprint; after public feedback the lease was revised so tenants will be charged only for the hangar footprint. The recommended rates in the draft are $0.43 per square foot for hanger structures and $0.47 per square foot for flight‑line hangars. Chair indicated the change was responsive to tenant concerns about older hangars with large lots and small buildings.
Members also discussed the lease’s inflation clause. The existing language referenced an increase "at least the Social Security" cost‑of‑living figure; the board agreed to reword the clause to read that rent will increase "at minimum" by the Social Security cost‑of‑living percentage and that the Airport Authority Board will annually determine the rate—giving the board discretion to choose a suitable index (for example, a specified CPI measure) if it wishes.
The board approved the lease with the edits discussed. Chair said staff will finalize lease language and proceed with signing for tenants who are ready to accept the amended terms.
Next steps: staff will finalize the red‑line edits, make the revised lease available to prospective and existing tenants, and bring any additional clarifications (e.g., site vs. footprint definitions for new development) back to the board if needed.
