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Public Hearing and Action on Resolution 24-111, a Resolution of Intent to Lease Real Property at Brookings Airport to Madison Aircraft LLC & Dakota Jet Company.
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Summary and Recommended Action:
Staff recommends approval of the proposed resolution, authorizing the City Manager to enter into a new hangar lease with Madison Aircraft LLC & Dakota Jet Company, for 4,096 square feet located on Site 209 at the Brookings Regional Airport in Section 26, T110N, R50W in the City of Brookings and terminate the current lease agreement with Madison Aircraft LLC & Dakota Jet Company. The new lease will be for a 25-year term and the 2025 lease rate will be $0.14/square foot for an annual lease amount of $573.44. 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 6, 2024 as required as per SDCL 9-12-5.2.
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Attachments:
Memo
Resolution
Notice
Location Map