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  #21  
Old 02-03-2012, 08:14 PM
iwannarv iwannarv is offline
 
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A current hangar project that I am currently involved in has a clause stating that if the lease is pulled from us, the city will buy the hangar from the owner at 70% of its value (I'm assuming that it would be the initial value minus depreciation, then take 70% of that).

However I don't have the lease in front of me with exact wording, so I cannot quote with full accuracy.
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  #22  
Old 02-04-2012, 08:17 AM
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mikegraycmg mikegraycmg is offline
 
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I misunderstood your situation. It looks like the City wants you to sign a 25 year lease when you buy the hangar, if I get this right. If so, you don't have 8 years to think about it while you use the hangar undisturbed. If this is the difference between flying or not flying, then it's no longer a value question. It's a want-to question -- one only you can answer. If you buy it, fight hard to keep out or to modify the clause and get a local lawyer to help you. In the end, though, it sounds like for you it's just the cost of flying.
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Last edited by mikegraycmg : 02-04-2012 at 08:27 AM.
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  #23  
Old 02-04-2012, 09:15 AM
alpinelakespilot2000 alpinelakespilot2000 is offline
 
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Quote:
Originally Posted by mikegraycmg View Post
I misunderstood your situation. It looks like the City wants you to sign a 25 year lease when you buy the hangar, if I get this right. If so, you don't have 8 years to think about it while you use the hangar undisturbed.
Indeed I can just assume the existing lease, which gives me 8 years under the old lease agreement with fairly good protection from the county. Thereafter, they may or may not allow me to renew/resign for another 25 years, but if they did it would be under the new agreement. However, if I want 25 years guaranteed starting from today, I have to sign the new version of the lease right from the start.

Thus, the question really becomes, do I choose:

Option A--8 years of a good lease guaranteed (with the strong likelihood that it would be renewed for an additional 25 under the new lease terms once these 8 remaining years expire). The added advantage of this is that the land lease rates for those first 8 years are half what they would be under the newer version of the lease. Would save me about $500/yr for the first 8 years. But, again, there's no guarantee the county would allow me to renew, meaning it could be 8 years and done. Unlikely, but possible.

Option B--Jump right into a new 25 year lease with the new terms. On the one hand, I'm guaranteed 25 years rather than only 8. On the other, that's only true so long as the county never invoked that clause I started this thread with.

Option C--Walk away entirely, meaning I may have to abandon my hobby. Prudent legally but, as you note, Mike, not necessarily personally.

Thanks again to all for the input. Even if I must make my own decision, it helps me to better understand what some of the potential options and ramifcations are.
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  #24  
Old 02-04-2012, 12:07 PM
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mikegraycmg mikegraycmg is offline
 
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Me, I'd go with option A. You'd have some actual value for awhile, and you could politic with the City while you negotiated a new lease. I can't emphasize enough, however, that you need to hire a lawyer to negotiate the renewal. Find someone who locals think highly of, and who my be well connected with city government. Avoid PI lawyers.
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  #25  
Old 02-04-2012, 12:22 PM
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Flybuddy2 Flybuddy2 is offline
 
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How about option "D"--move to an airpark.

Seriously though, in your shoes I'd opt for option A also. You may not be flying in 8 years, lost medical, gave up because of ADSB (same year), sold plane or moved.
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  #26  
Old 02-04-2012, 12:43 PM
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az_gila az_gila is offline
 
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With option A, if it's a steel hangar, then it's value is not zero if you loose the lease. It has a used value.

I know of several steel hangars that have been sold, disassembled and moved to other locations.
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