Laserfiche WebLink
KITTITAS COUNTY AIRPORT <br />A. November 1. 2019 through October 31. 2024 <br />LESSEE promises and agrees to pay rent to LESSOR at the rate of ($0.14 <br />per square foot) per year for the leased premises, made on or before the <br />10th day of each month in which such payment is due. This is the 'then <br />current rate" per square foot of leased property used for "aeronautical <br />purposes" as set by Bowers Field. Payments shall be made to Kittitas <br />County Department of Public Works. Any rental payment past due shall <br />accrue a delinquency charge of eighteen percent (18%) per annum, levied <br />monthly. <br />B. For that area only used for storage, manufacturing, warehousing and/or <br />other business uses associated with Aircraft Storage but not used directly <br />in "aeronautical use", LESSEE promises and agrees to pay rent to <br />LESSOR at the rate of ($0.14 per square foot) per year for the leased <br />premises, made on or before the 10"' day of each month in which such <br />payment is due. The rate for this square footage shall be in lieu of the rate <br />established in Paragraph A above, and is not additive for that square <br />footage that is used. <br />C. November 1, 2020: Effective this date, the monthly lease payment shall <br />be increased by one and one-half percent (1.5°x6) as a set lease rate <br />increase. The lease rate shall increase by 1.5% each year thereafter, i.e. <br />January 1, 2019/2020/2021/2022. <br />3. ADJUSTMENT OF RENTAL: Effective January 1, 2024, the United <br />States Bureau of Labor Statistics Consumer Price Index (CPI), Seattle - <br />Everett Metropolitan Area, All Urban Consumers - Base Year 1984 <br />average shall be computed for the years 2019 through 2023. If the CPI <br />average is higher for the previous five (5) years than the 1.5% per year <br />used the previous five (5) years, the rate increase applicable January 1, <br />2024, shall be this average CPI increase. This new average rate increase <br />shall be used for the next five (5) calendar years, i.e. January l,'2024 <br />through 2028. <br />Effective January 1, 2024, the adjustment of the lease rate shall be <br />accomplished in a similar manner. The previous five (5) years US Bureau <br />of Labor Statistics CPI average will be computed (2019 through 2023) and <br />compared to the increase made over the preceding five (5) years. The <br />higher rate shall apply for the next five (5) years. This methodology shall <br />be used throughout the remaining years of the agreement <br />The rent shall not decrease in the event of a decrease in the Consumer <br />Price Index over any five (5) year period. If the average CPI for any five <br />PAGE 2 <br />