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' I <br />EXHIBIT 1 <br />(County Lease) <br />KITTITAS '~...,,.JNTV A1RPORT <br />DEPARTMENT OF PUBLIC WORKS <br />LEASE <br />THIS LEASE made and entered into this 27th day of October, 1998, by and <br />between Kittitas County, a municipal corporation in the Stale of Washington, hereinafter <br />referred to as the LESSOR, and MIDSTATE AVIATION, INC., a Washington co,poratio.1, <br />hereinafter referred to as the LESSEE. <br />WIT N ES S ETH: <br />The Lessor hereby agrees to lease to the Lessee, and the Lessee hereby <br />agrees to lease from the Lessor, the real property described as follows : <br />See Exhibit ''A" attached hereto. <br />Containin~ 95,396 square feet, more or less <br />Th·1s !ease is made in accordance with RCW 36.34 <br />I.E;,EM: The term of this lease shall be for twenty-five (25) years and will ccmrr;ence <br />on the 1st day oi November, 1998, and terminate en the last day of October, 2023, excE;pt <br />as pro·,ided hereunder. <br />RENT: Rent shall be paid in advance on a monthly basis, with the f:rs, pay~ne,,i due <br />on er before the 1st day of November oi each year beginning with November i , '1998, and <br />continuing thereafter until termination of this lease. The rental for each year sr;EI! be as <br />folicws: <br />11/01/98 -10/31/04 <br />Land lease rate -95,396 sq feet@ 6 cents pr sq ft --$ 5.724 per year <br />11/01/98-10/31/04 <br />Main hangar building lease rate@ S2.00 per sq ft == $40,000 per yr;2: <br />11/01/98-10131/04 (6,534 sq ft) <br />Land lease for Moe building site@ 6 cent pr sq ft = $ 392 per year <br />INVESTMENT CREDIT (20 YEARS) <br />11/01/98-10/31/99 <br />11/01/99 -10/31/C0 <br />11/01/00 -10/3H01 <br />11/01/01 -10/31/18 <br />MIDSTt,TE AVIATION LEASE <br />Page 16 of33 <br />= [$10,000] <br />== ($ 0 ,000] <br />== ($ 7,500] <br />= [S 7,500) per ye2r <br />PAGE 1