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RESOLUTION NO.3 4 7 3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AUBURN, WASHINGTON, ADOPTING LAND LEASE FEES FOR
THE CITY OF AUBURN AT THE AUBURN MUNICIPAL AIRPORT
THAT COMPLIES WITH THE NEW PROVISIONS OF THE
FEDERAL ECONOMIC GROWTH AND TAX RELIEF
RECONCILIATION ACT (EGTRRA) OF 2001.
WHEREAS, the Auburn City Council, has been involved with negotiating a
number of land leases at the Auburn Municipal Airport; and
WHEREAS, the City has established fair market value equaling $0.22 a
square foot for undeveloped land and $0.40 for land with infrastructure in place; and
WHEREAS, The City of Auburn has developed a standard escalation clause to
keep rental rates up to fair market value:
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN, KING
COUNTY, WASHINGTON, HEREBY RESOLVES as Follows:
Section 1. The City Council hereby adopts initial land lease rates be
established at $0.22 per square foot per year for undeveloped land at Auburn Airport
and $0.40 per square foot per year for land with infrastructure in place. All Applicable
taxes will be in addition to these rental rates.
Section 2. City Council adopts City of Auburn Resolution No. 3473
establishing a standard escalation clause which provides for annual adjustment to
rental rates based upon the increase in the Seattle - Tacoma CPI and adjustments
every fifth year, based upon fair market value established by a market study
performed by a qualified MAl appraiser.
Resolution No. 3473
May 30, 2002
Page I
Section 3. The Mayor is hereby authorized to implement such
administrative procedures as may be necessary to carry out the directives of this
legislation.
DATED and SIGNED this 3L.,( day of June, 2002.
CITY OF AUBURN
CITY OF AUBURN
Wk
PETER B. LEWIS
MAYOR
ATTEST:
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Da 'elle E. Daskam,
City Clerk
Daniel B, Heid,
City Attorney
Resolution No, 3473
May 30, 2002
Page 2