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A TRUE COPY <br />CERTIFICATION ON LAST PAGE <br />J.R. SMITH, CLERK <br />2. Concession Fee l (Gross Receipts): Percentage fees (if applicable) will be determined based <br />on current market values or at minimum of two percent (2%) of gross receipts, excluding <br />aircraft sales, whichever is greater, on a monthly basis. One quarter of one percent (0.25%) <br />for aircraft sales. <br />G. Capitalization Rate: <br />Rental rates on leases for buildings and improvements, where ownership is held by the <br />City, shall be initiated at a maximum of ten percent (10%) per year of the appraised value of <br />such buildings and improvements, as determined by a state -certified appraiser. The rent charged <br />for such buildings and improvements during the initial term of the lease agreement shall be <br />subject to the annual CPI adjustments described in Section 3(H), and further adjusted prior to the <br />beginning of any extension or renegotiation of the initial term of the lease, as described in <br />Section 3(I). <br />H. Annual Consumer Price Index (CPI) Adjustment: <br />Beginning on October 1 st of the year following the year in which the lease agreement is <br />executed, and annually on each October 1 st thereafter, including the renewal term pursuant to an <br />option exercised under the lease agreement, if any, the rent shall be adjusted in accordance with <br />the percentage change in the index known at the time the lease agreement is executed as the <br />"United States Bureau of Labor Statistics Consumer Price Index (CPI) for All Urban <br />Consumers," using the July to July report. This adjustment shall be referred to as "the CPI <br />adjustment." If the CPI ceases to be published, the successor index shall be used. In no event <br />shall the rental rate be less than the rental rate set for the previous year of the lease agreement. <br />I. Market Value Rent Adjustment: <br />In addition to the CPI Adjustment set out above, there shall be a review of building and <br />Page 9 of 11 <br />NAPROPERTY MGT\2015 Updated Docs\2015 Updated Resolutions\150824 Airport Leasing Policy replacing Resolution 2007-18 E M . d ocx <br />