Title
Public Hearing and Action on Resolution 20-010, a Resolution of Intent to Lease Real Property at Brookings Airport to Madison Aircraft, LLC.
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Summary:
This resolution will approve a Brookings Airport Hangar Lease to Madison Aircraft, LLC for a period of five (5) years.
The City would like to renew the Hangar Lease with Madison Aircraft, LLC (Chris Funk) for 4,096 square feet in Section 26, Township 110 North, Range 50 West at the Brookings Airport. The 2020 lease rate will be $0.13/square foot resulting in a total annual lease amount of $532.48 due in January each year. The lease rate may be adjusted annually by the City Council. The revenue from the lease will be deposited in the Brookings Airport Budget.
Recommendation
Recommendation:
Staff recommends approval.
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Attachments:
Memo
Resolution
Notice
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