Quote:
Originally Posted by mikegraycmg
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.
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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.