1997-10-20 Special Called Regular and Workshop Meeting of City Council

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e e obtained from rental of tie-down spaces; provided, however, Lessee shall guarantee Lessor a yearly rental of not less that $144.00, multiplied by the 25 tie-downs leased; B. Rental for the 25 tie-downs shall be paid monthly, in a sum equal to 1/12th of the annual rental due, in advance, on the 1st day of each and every month 2. The parties recognize that Lessee shall lease to tenants, facilities for the storage and/or tie-down of aircraft within leased properties described as "Tie-Down Area" on Exhibit "B". The Lessee shall have the right to provide additional T-Hangar or tie- down facilities on the property leased herein, but any such additional facility shall only be provided after specific written authorization from the Lessor. Additional facilities shall be provided only .in areas specifically authorized by the Lesso~ and shall be hardsurfaced rather than grass areas. The parties further agree that no aircraft will be tied-down on grass surface areas within Lessee's leased premises. Cost of living indexing shall not apply to this Article III-B. ARTICLE III-C - RENTALS AND CHARGES - LEASED PREMISES 1. For the Leased Premises described on Exhibit "A" attached hereto, the basic ground rental calculated for a 1984 index value of 100.0 is Eight Hundred Seventy-one and 20/100 Dollars ($871.20) per acre per year. 2. The actual rentals for the Leased Premises, to be paid to the Lessor by the Lessee, shall be determined by mUltiplying said basic rentals specified under the immediately preceding paragraph above, by the index value determined for successive calendar years in the manner herein set forth. 3. The index value for the calculation of actual rental rates shall be based on the Consumer Price Index for All Urban Consumers, using as base year 1982-84 = 100, published by the Bureau of Labor statistics Of the United states Department of Labor, and shall be calculated as follows: A. The index for any particular lease year shall be the index for the month of December of the calendar year next preceding the year for which the calculation is made. For example, the 1999 lease year rental shall be based on the December, 1997, index. B. The actual rental rate shall be determined prior to January 1st of each lease year and shall be effective for that lease year. Lessor shall provide Lessee with written notice of the applicable rental rate. C. In the event that the United States Department of Labor discontinues publication of the above index or data from which the index can be directly co~puted, or if the 5