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Title:
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#25-37 - Approving the State of Alaska Department of Transportation and Public Facilities Land Lease ADA-72-348 for Valdez Airport, Supplement No. 2
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ITEM TITLE:
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#25-37 - Approving the State of Alaska Department of Transportation and Public Facilities Land Lease ADA-72-348 for Valdez Airport, Supplement No. 2
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SUBMITTED BY: Andrew Doherty, Port Operations Manager
FISCAL NOTES:
Expenditure Required: $44,139
Unencumbered Balance: $44,139/yr X 5 years = $220,695
Funding Source: 510-4600-44400
RECOMMENDATION:
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Approve the State of Alaska Department of Transportation & Public Facilities Land Lease ADA-72-348 for Valdez Airport Supplement No. 2
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SUMMARY STATEMENT:
Supplement No. 2 has been drafted to extend Lease ADA-72348 for an additional 5 years as the parties find it will be to their mutual advantage to extend, supplement, amend or revise Lease ADA-72348.
Terms of the new lease include:
1. The term of this lease is fifteen (15) years, beginning January 1, 2016 and ending January1, 2031. All rights and liabilities under this Lease become effective on the first day of the term of this Lease.
2. Article III, Uses and Rights, A. Authorized Uses, is deleted in its entirety and is replaced as follows: A. AUTHORIZED USES
a. The lessor authorizes the Lessee to use the Premises for the following uses only:
b. Operation of a public airport passenger/air cargo terminal building for the use by airlines and the general public; aircraft parking and storage; loading and unloading of freight; gift shop; aviation related business service; conference and government office space and rental vehicle space.
c. The effective date of this supplement shall be January 1, 2026.
ALL OTHER TERMS, ARTICLES, PROVISIONS, AND COVENANTS REMAIN UNCHANGED.
The City Attorney has completed a review of the new lease.