Executive/Council Action Form (ECAF)
ITEM TITLE:
Title
Motion 22-105, authorizing the Executive to execute Amendment No. 3 to Land Lease 17-003 with Propeller Airports Paine Field LLC at the Snohomish County Airport
body
DEPARTMENT: Airport
ORIGINATOR: Nickolis A. Landgraff
EXECUTIVE RECOMMENDATION: Approve - Ken Klein
PURPOSE: To authorize the Executive to execute Amendment No. 3 to Land Lease 17-003 to update due dates of financial reporting to the County.
BACKGROUND: .
Ø The County entered into Land Lease 17-003, Amendment No. 1, and Amendment No. 2 with Lessee, Propeller Airports Paine Field LLC (“Propeller”), as recorded June 23, 2017, September 24, 2018, and September 25, 2019 respectively, for the purpose of constructing, operating and maintaining a passenger terminal facility.
Ø Lease Amendment No. 3 updates Exhibit E, Revenue Sharing Calculations reporting due dates for the Gross Revenue Report & Annual Financial Report. The Gross Revenue Report shall be adjusted from the 15th calendar day of the year to March 1st every year. The Annual Financial Report shall be adjusted from the 90th calendar day to June 30th every year.
Ø These dates have been extended to allow sufficient time to process and prepare the requested documents. The due dates were originally set prior to operations beginning and experience has demonstrated that more time is warranted.
FISCAL IMPLICATIONS:
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EXPEND: FUND, AGY, ORG, ACTY, OBJ, AU |
CURRENT YR |
2ND YR |
1ST 6 YRS |
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TOTAL |
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REVENUE: FUND, AGY, ORG, REV, SOURCE |
CURRENT YR |
2ND YR |
1ST 6 YRS |
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TOTAL |
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DEPARTMENT FISCAL IMPACT NOTES: No fiscal impact.
CONTRACT INFORMATION:
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AMENDMENT |
X |
CONTRACT# |
17-003 |
AMOUNT |
$0.00 |
Contract Period
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ORIGINAL |
START |
6/1/2017 |
END |
6/1/2047 |
|
AMENDMENT No. 1 |
START |
9/24/2018 |
END |
6/1/2047 |
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AMENDMENT No. 2 |
START |
9/25/2019 |
END |
6/1/2047 |
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AMENDMENT No. 3 |
START |
Effective |
END |
6/1/2047 |
OTHER DEPARTMENTAL REVIEW/COMMENTS: Reviewed/approved by Risk and Finance