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A TRUE COPY A TRUE COPY R IFICATION ON LAST PAGDERTIFICATION ON LAST PAGE 1.N. SMITH, CLERK J. R. SMITH, CLERK 2. Concession Fee I (Gross Receipts) Percentage fees (if applicable) will be detennined based on current market values or at minimum of two percent (2%) of gross receipts, excluding aircraft sales, whichever is greater, on a monthly basis. One quarter of one percent (0.25%) for aircraft sales. G. Capitalization Rate: Rental rates on leases for buildings and improvements, where ownership is held by the City, shall be initiated at a maximum of ten percent (10%) per year of the appraised value of such buildings and improvements, as determined by a state -certified appraiser. The rent charged for such buildings and improvements during the initial tenn of the lease agreement shall be subject to the annual CPI adjustments described in Section 3(H), and further adjusted prior to the beginning of any extension or renegotiation of the initial term of the lease, as described in Section 3(I). H. Annual Consumer Price Index (CPI) Adiustment• Beginning on October Ist of the year following the year in which the lease agreement is executed, and annually on each October 1st thereafter, including the renewal teen pursuant to an option exercised under the lease agreement, if any, the rent shall be adjusted in accordance with the percentage change in the index known at the time the lease agreement is executed as the "United States Bureau of Labor Statistics Consumer Price Index (CPI) for All Urban Consumers," using the July to July report. This adjustment shall be referred to as "the CPI adjustment." If the CPI ceases to be published, the successor index shall be used. In no event shall the rental rate be less than the rental rate set for the previous year of the lease agreement. 1• Market Value Rent Adiustment• In addition to the CPI Adjustment set out above, there shall be a review of building and Page 9ofII NAPROPERTY MGh2015 Updated Docs\2015 Updated Resolutions\150824 Airport Leasing Policy replacing Resolution 2007-18 EM.docx