In the event the city council deems it for the best interests of the city, hangar space at the airport may be leased, subject to the following terms and conditions:
   A.   Rental for the same shall be paid at a rate to be determined by the city council in accordance with a schedule of fees with respect thereto, adopted by the city council.
   B.   Any improvements placed on the leased premises consisting of buildings or structures of any kind may be removed by the lessee at the expiration of the lease term; provided, that such lessee shall restore the leased premises, at lessee's sole expense, to as good a condition as the same were in at the commencement of the lease term; and provided further, that failure of a lessee to remove such improvements within sixty (60) days from the date of expiration of his leasehold shall constitute an abandonment of the same and investment of title thereto in the city.
   C.   No hangar space shall be leased for a term of more than twenty (20) years, with an option to renew for an additional twenty (20) year term. The option to renew shall continue at the end of each term.
   D.   Rent for the term of the lease shall be paid in equal annual installments, prorated over the life of the lease; provided, that the first installment shall be prorated to March 1 next, with said prorated amount to be paid upon execution of any such lease, with annual payments to be paid on or before March 1 of each year thereafter. No refund shall be given in the event the lessee desires to discontinue the use of the leased premises before the expiration date thereof. In the event any lease is discontinued before its termination date, the question of whether unpaid rent shall be required to be paid for the remaining portion of the term of the lease shall be determined solely by the city. (2003 Code § 8-10-18)
   E.   Leases of an airport hangar may be assigned or subleased by lessee to a third party. Any such assignment or sublease shall be subject to all duties, obligations and restrictions contained within city code, the lease agreement, federal, state, or county laws or regulations. (Ord. 2132, 5-5-2015, eff. 5-5-2015)
   F.   Lessee shall pay for all improvements placed on the hangar space leased to lessee as well as all utility extensions, the same to be constructed in accordance with the city building code requirements.
   G.   Any improvements placed or constructed on leased premises shall be placed or constructed thereon in accordance with the building and zoning requirements of the city in effect at the time of the placement or construction of such improvements on such premises.
   H.   Lessee shall secure and maintain general public liability insurance protecting and indemnifying the lessor and tenant against all claims for damages to person or property or for loss of life or of property occurring upon, in, or about the leased property, the streets, gutters, sidewalks or curbs adjacent thereto, to such limits as the lessor may reasonably, from time to time, require in respect to injuries to any one person, in respect to any one accident or disaster or incident of negligence, and in respect to property damage. Any lease agreement written containing the provisions of this section shall be conditioned upon the city being able to change the limits of such policies so required from time to time, as the city may reasonably require.
   I.   All airport leases are to contain rental adjustment provisions that provide for an adjustment of the rental sum by multiplying the original rental by a fraction determined by placing the U.S. consumer price index for all urban consumers (CPI-U), U.S. city average for July, 1983, as determined by the U.S. department of labor, bureau of labor statistics, as the denominator, and the most current CPI-U available at the time of such adjustment, as the numerator; each such rental adjustment to be on the fifth year anniversary of the lease agreement and each five (5) year multiples thereafter throughout the term of said lease.
   J.   All lessees are to promptly submit such operational reports as may periodically be requested by the city. (2003 Code § 8-10-18)