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Ogden staff present draft airport leasing policy addressing lease term, reversion and tenant extensions
Summary
Airport staff presented a draft leasing policy that balances FAA grant-assurance constraints with tenant protections; the draft proposes a standard 20-year ground lease with two 10-year extensions, reversion options, facility condition assessments for extensions, and a 3% annual lease escalation with periodic market adjustments.
Airport staff (identified in the meeting as Ryan and Brian) presented a draft airport leasing policy intended to clarify lease terms, assignment and extension procedures, and compliance with FAA grant assurances. The presentation framed three core issues: lease term/term extensions, reversion of improvements at lease end, and how the airport should collect value for extensions to remain financially sustainable.
Staff proposed a standard ground lease term of 20 years with…
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