RESOLUTION NO. __________________ (N.C.S.)
RESOLUTION APPROVING THE LEASE AGREEMENT BY AND BETWEEN THE CITY OF SALINAS AND ADVANCETECH AIRCRAFT MAINTENANCE, INC.
WHEREAS, the Lessor and Lessee last entered into a Salinas Municipal Airport Lease on February 1, 2000 (the “Lease”) which was approved by the Salinas City Council on February 1, 2000 (Resolution No. 17181 (N.C.S.); and WHEREAS, the Salinas City Council passed and adopted Amendment #1 on September 16, 2003 (Resolution No. 18356 (N.C.S).
WHEREAS, the Lessor and Lessee agree to enter into a lease as set forth as follows:
The term of this Lease shall be for a period of approximately 26 years, commencing on October 1, 2024 (“Commencement Date”) and ending September 30, 2050, unless sooner terminated in the manner and under the conditions herein provided (the “Original Term”).
WHEREAS, Lessor reserves the right to update the rate and fees structure to market adjustment through an appraisal process no earlier than August 1, 2038. The appraisal process shall require Lessor to obtain a ground lease appraisal from the certified appraiser and provide a copy of the appraisal to Lessee for review.
NOW, THEREFORE, BE IT RESOLVED that City Council approves the Lease Agreement by and between City of Salinas and Advancetech Aircraft Maintenance, Inc. and authorizes the Mayor of Salinas to enter into the Lease Agreement on behalf of the City.
PASSED AND APPROVED this 8th day of October 2024 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
APPROVED:
___________________________
Kimbley Craig, Mayor
ATTEST:
_____________________________
Patricia M. Barajas, City Clerk
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