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improvement market values prior to any lease extension or renegotiation to bring rental rates computed upon market values up to current market levels when applying the Capitalization Rate method above. A market value apprzisal shall be completed upon leased buildings and improvements where ownership is held by the Airport prior to confilination of a tenant's notice of intent to extend the lease of such buildings and/or improvements, to adjust the then current rental amount being charged on the lease to an amount equivalent to the capitalization rate applied to the updated market value. It is the intent of this provision to update rental amounts on buildings and improvements where ownership is held by the City prior to lease extensions or renegotiations in the same manner rental amounts are set upon buildings and improvements in Section 3(G) above. This provision shall apply to new leases entered into by the City after the adoption of this resolution, and to any extension or renegotiation of an existing lease initiated by the tenant. Section 4. Repeal and replacement, Resolution 2007-18 is hereby repealed and replaced by this Resolution No. 2015 - Section 5. Conflict and severability. The provisions of this Resolution shall control over those provisions of previously adopted resolutions in conflict herewith. If any provision of this Resolution is held to be invalid, unconstitutional, or unenforceable for any reason by a court of competent jurisdictions, such invalidity shall not affect dle validity of the remaining portions. Section 6. Effective date. This Resolution shall become effective upon adoption. [Signature Pages Follow] Page 10 of I I NAPRQPERTY MGT12015 Updated Docs' 015 Updated ResoluconskI50924 AirportLeasing Policy replacing Resolution 2007-18 EM.docx 138