Title
Public Hearing and Action on Resolution 23-112, a Resolution of Intent to Lease Real Property at Brookings Regional Airport to Wilde Air Service, LLC.
Body
Summary:
The City is renewing a land lease agreement with Wilde Air Service, LLC, for 8,960 square feet for a fuel pad 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 $1,645.06. 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 Wilde Air Service, LLC, and
2.) Authorize City Manager to execute lease agreement.
Body2
Attachments:
Memo
Resolution
Notice
Location Map