The City of Lee's Summit - File #: BILL NO. 20-140

• File #: BILL NO. 20-140
• Type: Ordinance
• Status: Passed
• File created: 7/10/2020
• In control: City Council - Regular Session
• On agenda: 8/4/2020
• Final action: 8/11/2020
• Title: An Ordinance authorizing the execution of a lease agreement by and between the City of Lee's Summit and Sallee Real Estate Investments, LLC for a period of 20 years with options for four additional five-year terms for the development of Hangar V at the Lee's Summit Municipal Airport. (PWC 8/3/20)

Date	Action By	Action	Result
8/11/2020	City Council - Regular Session	for second reading	Pass
8/11/2020	City Council - Regular Session	approved and numbered	Pass
8/3/2020	Public Works Committee	recommended for approval	Pass

Title
An Ordinance authorizing the execution of a lease agreement by and between the City of Lee's Summit and Sallee Real Estate Investments, LLC for a period of 20 years with options for four additional five-year terms for the development of Hangar V at the Lee's Summit Municipal Airport. (PWC 8/3/20)

Body
Issue/Request:
An Ordinance authorizing the execution of a lease agreement by and between the City of Lee's Summit and Sallee Real Estate Investments, LLC for a period of 20 years with options for four additional five-year terms for the development of Hangar V at the Lee's Summit Municipal Airport

Key Issues:
· Approval of this ordinance would authorize the execution of a Ground Lease Agreement between Sallee Real Estate Investments Investments, LLC at Building Site “V” at the Lee’s Summit Municipal Airport.
· The lease provides for the Sallee Real Estate Investments, LLC for the development of a 125 by 95 aircraft hangar with attached office to store aircraft.
· Sallee Real Estate Investments, LLC has agreed to a ground lease rate of $.0.38 per square foot.
· Sallee Real Estate Investments, LLC annual rental rate would be $13,839.00 for the first year with an increase of 3 percent to this rate per year during the 20-year term.
· The lease term is for an initial term of twenty (20) years with options for up to four (4) additional five (5) year renewal periods

Proposed City Council Motion:
FIRST MOTION: I move for a second reading of an Ordinance approving an Ordinance authorizing the execution of a lease agreement by and between the City of Lee's Summit and Sallee Real Estate Investments, LLC for a period of 20 years with options for four additional five-year terms for the development of Hangar V at the Lee's Summit Municipal Airport.

SECOND MOTION: I move for adoption of an Ordinance approving an Ordinance authorizing the execution of a lease agreement by and between the City of Lee's Summit and Sallee Real Estate Investments, LLC for a period of 20 ye...