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conditions is met: <br />A TRUE COPY <br />CERTIFICATION ON LAST PAGE <br />J.R. SMITH, CLERK <br />(1) Permanent improvements with an estimated value exceeding the amount of <br />the normal security deposit (3 months' rent) have been constructed on the <br />leased property; or <br />(2) The tenant has signed a lease agreement in an individual capacity rather than <br />as an officer of a corporation, thereby providing a personal guarantee for the <br />performance of the terms and conditions of the lease agreement. <br />c. The requirement for a security deposit relative to leasing scenarios other than those <br />described herein shall be subject to review by City Management, Airport <br />Commission, and City Council. <br />Section 3. Rates and Fees. <br />A. Land Rent and Concession Fees for Fixed Base Operators (FBOs): <br />Rental rates shall be determined as described in this Section for leasehold interest in real Airport <br />property, subject to CPI adjustment as provided in Section 3(H) below. In addition, for the privilege of <br />doing business at the Airport, concession fee(s) may be charged as described in this Section. <br />1. Standard Land Rental Rate: (Aviation Development Land): <br />a. Land Rental Rate: Rates per square foot per year will be determined based upon <br />current market values; plus, <br />b. Easement and/or Restricted -Use Land Rental Rate: One-half (1/2) of land rent rate <br />determined in Section 3(A)1(a) above. <br />2. Concession Fees: <br />a. Concession Fee 1 (Gross Receipts): Fees will be determined based upon current <br />market values or at minimum of two percent (2%) of gross receipts, excluding <br />Page 5 of 11 <br />NAPROPERTY MGT\2015 Updated Docs\2015 Updated Resolutions\150824 Airport Leasing Policy replacing Resolution 2007-18 EM.doex <br />