RECOMMENDATION(S):
APPROVE and AUTHORIZE the Director of Airports, or designee, to execute an amended and restated lease with Dale Village Apartment Company, LP, to extend the term of the lease for the property located at 45 John Glenn Drive, Concord, through March 2073, at an initial annual rent of $500,400, with rent increases every three years.
FISCAL IMPACT:
There is no negative impact on the General Fund. The amended lease facilitates the Airport Enterprise Fund to continue to receive ground rent and other income from this existing hotel site. As a result of this lease extension, the General Fund will continue to receive revenue from sales, transient occupancy, and possessory interest taxes.
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