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A TRUE COPY <br />CERTIFICATION ON LAST PAGE <br />J.R. SMITH, CLERK <br />improvement market values prior to any lease extension or renegotiation to bring rental rates <br />computed upon market values up to current market levels when applying the Capitalization Rate <br />method above. A market value appraisal shall be completed upon leased buildings and <br />improvements where ownership is held by the Airport prior to confinnation of a tenant's notice <br />of intent to extend the lease of such buildings and/or improvements, to adjust the then current <br />rental amount being charged on the lease to an amount equivalent to the capitalization rate <br />applied to the updated market value. It is the intent of this provision to update rental amounts on <br />buildings and improvements where ownership is held by the City prior to lease extensions or <br />renegotiations in the same manner rental amounts are set upon buildings and improvements in <br />Section 3(G) above. This provision shall apply to new leases entered into by the City after the <br />adoption of this resolution, and to any extension or renegotiation of an existing lease initiated by <br />the tenant. <br />Section 4. Repeal and replacement <br />Resolution 2007-18 is hereby repealed and replaced by this Resolution No. 2015- 3 0 <br />Section 5. Conflict and severability, <br />The provisions of this Resolution shall control over those provisions of previously adopted resolutions in <br />conflict herewith. If any provision of this Resolution is held to be invalid, unconstitutional, or unenforceable for any <br />reason by a court of competent jurisdictions, such invalidity shall not affect the validity of the remaining portions. <br />Section 6. Effective date. <br />This Resolution shall become effective upon adoption. <br />[Signature Pages Follow] <br />Page 10 of 11 <br />NAPROPER7Y MG712015 Updated Docs\2015 Updated ResolutionsU 50824 Airport Leasing Policy replacing Resolution 2007-18 EM.docx <br />