Drafter
Clerk 02/14/2012
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AN ORDINANCE authorizing the King County executive to enter into a long-term lease agreement with Gateway USA, LLC dba Clay Lacy Aviation, for a portion of the King County international airport located in council district 8.
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BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings: In accordance with K.C.C. 4.56.150, 4.56.160, 4.56.180 and chapter 15.72, the council may adopt an ordinance permitting the county to lease its property for a term of years not to exceed thirty-five years if, among other requirements:
A. The value of the leasehold improvements is or will be at least equal to the value of the property to be leased;
B. The value of the parcel to be leased has been appraised at six million eight hundred thousand dollars as of November 2011; and
C. The value of tenant improvements to the leased parcel is eleven million dollars.
SECTION 2. The King County executive is hereby authorized to execute a long-
term lease agreement, in substantially the form attached to this ordinance, with Gateway USA, LLC dba Clay Lacy Aviation.