Title
Public Hearing and Action on Resolution 23-113, a Resolution of Intent to Lease Real Property at Brookings Airport to United Development, LLC.
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Summary:
The City is intending to renew a hangar lease with United Development, LLC, for 9,600 square feet located on Site 511 at the Brookings Regional Airport in Section 26 and 27, T110N, R50W in the City of Brookings. The lease will be for a 25-year term and the 2024 lease rate will be $0.1836/square foot for a lease amount of $1,762.56. The lease amount will be increased by 2% annually and subject to review every five years. The lease has been reviewed by the City Attorney as to legal form.
The notice of public hearing was published on December 8, 2023 as required as per SDCL 9-12-5.2.
Recommendation
Recommendation:
1.) Adopt Resolution of Intent to Lease Real Property to United Development LLC; and
2.) Authorize City Manager to execute lease agreement.
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Attachments:
Memo
Resolution
Notice
Location Map