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KITTITAS COUNTY AIRPORT <br />rent to LESSOR at the rate of ($0.14 per square foot) per year for the <br />leased premises, made on or before the 10"' day of each month in which <br />such payment is due. The rate for this square footage shall be in lieu of <br />the rate established in Paragraph A above, and is not additive for that <br />square footage that is used. <br />ADJUSTMENT OF RENTAL: <br />Effective July 1, 2020, the annual lease payment shall be minimally <br />increased by one and one-half percent (1.5%) as a set lease rate <br />increase. The lease rate shall increase by 1.5% each year of this lease <br />amendment and compared against the Consumer Price Index as follows: <br />Effective January 1, 2024, the United States Bureau of Labor Statistics <br />Consumer Price Index (CPI), Seattle -Everett Metropolitan Area, All Urban <br />Consumers - Base Year 1984 average shall be computed for the years <br />2019 through 2023. <br />If the CPI average is higher for the previous five (5) years than the 1.5% <br />per year used the previous five (5) years, the rate increase applicable <br />January 1, 2024, shall be this average CPI increase. This new average <br />rate increase shall be used for the next five (5) calendar years, i.e. <br />January 1, 2024 through 2028. This methodology shall be used <br />throughout the remaining years of the agreement. <br />Modifications to the rental rate per square foot of airport property shall be <br />based on the then current "aviation" (direct aeronautical) or "commercial' <br />(non -aeronautical) standard rate as set by LESSOR and the specific <br />property areas being leased. <br />