Laserfiche WebLink
KITT'T,&$ C*qJNTY &IRPSRT <br />B <br />c <br />3 <br />A. April 1, 2020 through March 31, 2025. <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 />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 LESSOR <br />at the rate of ($0.14 per square foot) per yearfor the leased premises, made <br />on or before the 1Oth day of each month in which such payment is due. The <br />rate for this square footage shall be in lieu of the rate established in <br />Paragraph A above, and is not additive for that square footage that is used. <br />Aorll 1. 2021: Effective this date, the monthly lease payment shall be <br />increased by one and one-half percent (1.5%) as a set lease rate increase. <br />The lease rate shall increase by 1.5o/o each yearthereafter, i.e. January 1, <br />2019t2020t202112022. <br />ADJUSTMENT OF RENTAL: Effective January 1, 2024, the United <br />States Bureau of Labor Statistics Consumer Price lndex (cPl), Seatfle- <br />Everett Metropolitan Area, All Urban Consumers - Base Year 1984 average <br />shall be computed for the years 2019 through 2023. lf the CPI average is <br />higher for the previous five (5) years than the 1.5o/o per year used the <br />previous five (5) years, the rate increase applicable January 1, 2024, shall <br />be this average CPI increase. This new average rate increase shall be used <br />for the next five (5) calendar years, i.e. January 1,2024 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 lndex over any five (5) year period. lf the average Cpl for any five <br />year period is less than the rate used the previous five (5) years, the <br />higher rate shall continue to apply. <br />PAGE ?