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Commissioners debate 30-year airport ground lease and rent-escalation formula
Summary
Board members weighed a proposed 30-year hangar ground-lease template at the county airport, debating a simple 3.03% escalation every five years versus indexing to the county's average taxable-value increase; staff will rework lease language for next month.
The board reviewed a long-term (30-year) ground-lease form for airport hangars that would set initial rent and include periodic escalators. Commissioners discussed two main approaches: a fixed formula that raises rent by 3.03% (discussed as a convenient flat option) versus indexing to the county's average taxable-value increase, which proponents argued better preserves market parity over time.
Members raised concerns about cumulative compounding, fairness over a 30-year term, renewal and assignment clauses, and operational details such as default and maintenance responsibilities. One commissioner recommended using the five-year average taxable-value change so the rent adjustment reflects local conditions rather than a fixed compound rate. Staff was asked to rework the draft to clarify base rate, adjustment method and timing and to return with a revised draft for formal action next month.
