OFFER LEASE RENEWAL OPTION TO FLYING S REAL ESTATE, LLC, FOR LOT 6, BLOCK 9, MINOT INTERNATIONAL AIRPORT, SECOND ADDITION
Flying S Real Estate, LLC, (Flying S), is currently in a Ground Lease agreement with the Minot International Airport (MOT), with the Base Term set to expire on January 31, 2021. Per the terms of the lease agreement, the Renewal Option was to be executed ninety (90) days prior to the expiration of the Base Term. The request was not received within the designated timeframe, however, Flying S has since expressed a desire to continue the longstanding relationship with the Minot International Airport. Flying S submitted a request to renew the lease for five (5) years, per the renewal option of the original lease agreement on January 12, 2021.
The renewal option continues the current monthly rental rate, which is in line with the approved 2021 Rates and Charges.
1. Approve Ground Lease agreement renewal option with Flying S Real Estate, LLC; and
2. Authorize the Mayor to sign any applicable documentation.