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Boeing 737 Airplanes line Renton’s Clayton Scott Field as they are readied for final test flights and delivery to customers all over the world
Renton City Hall was abuzz tonight as Renton City Council put it’s formal approval on a new airport lease agreement with the Boeing Company.
The agreement covers a new 20 year lease term, followed by two ten-year options. The agreement comes after Boeing and Renton real-estate experts have been finalizing details for many months. Per the agreement, The Boeing Company will pay a market-based lease-rate plus a through-the-fence airport access fee for Boeing-owned property. The lease payments will increase through the term of the lease following the consumer price index, adjusted with market appraisals every 6 years.
The more complex lease terms revolved around the buildings that Boeing currently owns on the property. The buildings will convert to Renton City Ownership, per a turnback agreement in the old lease, similar to buildings owned by other leaseholders at the Renton airport. The maintenance and future upgrades of these buildings is the subject of additional lease language.
Like all lease money collected at the airport, all the funds will be used by Renton to operate and improve the airport.
Residents of Renton and our region should celebrate this commitment by the Boeing Company to the Renton facility. The company annually delivers many billions of dollars of airplanes out of it’s factory here in Renton. Our community gets thousands of high-value jobs from Boeing’s presence, along with tax revenues and generous contributions to local charities. The 737 is astoundingly popular– we’ve recently been told that the 737 airplanes on order today would stretch about 47 miles if they were parked nose-to-tail.
General aviation users have an additional reason to celebrate. Boeing’s presence at the airport ensures the airport’s long-term viability, and gives the FAA plenty of reason to keep investing in it.
This is on top of today’s national news that Boeing is increasing it’s 737 production rate in Renton starting in 2012. Today’s picture looks bright for Renton’s aerospace sector.
This agreement helps assure general aviation users that Renton’s airport is viable long-term
Boeing has several buildings on Renton airport property, including a state-of-the-art aircraft paint hanger. The new lease ensures these building will continue to function to their highest and best use.
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