in progress um first we'll have any roll call see anyone of our virtual straw that's a good point but i have to yeah we don't have to do virtual okay oh well if someone comes on to yes it might be a whole issue i'm not sure who would it be your picture we have done here i think and to make a little bit looks like curk's on is that correct yeah hi Kurt now we'll take here Steve Dillinger payment powers here catchings here here Brian Goodwin here Schlater here are you here to here um here thank you we um next is the approval of the minutes towards July 18th 2025 and to make catchings I to make it okay do I have a motion to approve the meeting the minutes second okay um any discussion we will take a roll call for the July 18th 2025 meeting minutes your first motion by seven time second motion by human powers plus name powers thinking catchings uh goodwin rock aye schlater aye present you ask approval um next is consider for approval the 2026 budget ordinance probably not yes madam president board members please consider for approval the 2026 budget ordinance it's general ordinance two twenty twenty five concerning both the Indianapolis airport's authorities budget and appropriation amounts as described in the board paper so moved second second any discussion any more questions about the budget 2025 dash zero one your first motion by total clamor second motion by Jeff Gaither Barberglass aye powers aye cadjings aye dojour aye jeff gaither aye clamro schlater aye for he's aye present you can answer approval okay and for all of us present I think it's gonna start with Dwayne we're gonna sign the uh resolution and we're gonna move it down so it'll all be signed by the time the meeting so perfect that works okay all right next is on to our official actions 2025-8 good morning uh concern for approval a real estate sale agreement with Jacob and Jody Berna for the IAA purchase of approximately 18 acres of land located at 4712 West 300 north in Hancock County for a total sale amount of 762500 or 42361 dollars and eleven cents per acre uh this is staff's continuation of the implementation of IAA's strategic plan for long-term infrastructure growth and economic impact at the Indianapolis regional airport as part of this plan the staff's recommending the purchase of this 18 acres which consists of a 10 acre parcel and an adjacent eight acre parcel located just south of Indianapolis regional airport as you see highlighted in yellow uh on the screen the vast majority of this lies within a future one runway protection zone and we'll take into account the realignment of the crosswind runway um again it's uh been negotiated at 42 thousand three hundred sixty one dollars and eleven cents per acre totaling seven hundred and sixty two thousand five hundred dollars the funding for this will come from the airport authorities land program uh from previous sales of land both at IND and at Metropolitan Airport non-FAA grant funds and then we will submit this uh acreage as part of our airport layout plan which makes it then eligible for future FAA grant reimbursement um with this proposed transaction that leaves just 15 acres left for us to fulfill that strategy to meet the map of the plan at Indianapolis regional airport great we have a motion so moved second any discussion I have a question where are the 15 acres that we haven't acquired where are the 15 acres on there um thank you so point

Um with this proposed transaction that leaves just 15 acres left for us to fulfill that strategy to meet the map of the plan at Indianapolis Regional Airport.

Great.

We have a motion.

So moved seconds.

Any discussion?

I have a question.

We're at the 15 acres that we haven't acquired.

Where are the 15 acres on there?

Um soint.

Most of it is right here, and it's that same reason for the protection zone.

And just the two small parcels to the okay, thank you.

Runway protection bill in their parapsoidal.

So it looks like a triangle at the edges.

First motion by Kurt Schlater, second motion by Ryan Goodwin.

Barbara Glass?

Aye.

Aye.

Thank you.

Eric Dozier?

Aye.

Jeff Gaither.

Aye.

Brian Gibbs.

Brian Goodwin.

Aye.

Kevin McClamrock?

Aye.

Kurt Schlater.

Aye.

Voorhees.

Aye.

I've had that even names approval.

BP 2025-8-3, Marsha.

Consider for approval of the first amendment to land and building lease agreement with Bentley Capital Partners, LLC for modifications to the rental obligations and extension of term for a period of five years, expiring August 31, 2030, with two five-year renewal terms.

So Bentley Capital Partners uh has leased this corporate hangar that you'll see on the screen since June of 2010.

It was a the hangar was originally constructed by Conseco.

So it's an older hangar that's been here for a while.

Um their lease was expiring at the end of July, so they've continued on a month to month as we finalize uh uh negotiations and approval.

Um again, it's a it's a five-year term with two five-year renewal options.

The gross annual rental previously was one hundred and thirty-five thousand nine hundred and twelve dollars.

The new rental amount is two hundred and sixty-eight thousand dollars per year for the first five years, and then that will be adjusted by CPI for the two uh extension periods.

They with the age of this building, there were some improvements that needed to be made.

So they the Bendley Capital will be doing some improvements to lighting, HVAC, and the roof, and as a result of that, we're allowing $11,306.20 cent rental credit per year for the first five years.

So that takes the net rental uh net of the credits to $256,693 and 80 cents annually.

We have a motion.

Any discussion quick?

So what's what's represented by the grid?

Is that the least real estate or that's the real estate that's under this lease?

Okay, so the okay land and a building.

It's land and building, yes.

Okay.

Okay, thank you.

What was the driver of the pretty significant increase in rent this adjustment market conditions?

It's fully market conditions, right?

Because that hadn't been adjusted, they had entered into this lease back in 2010.

Just representative of bear market value.

And now we build into the leases of in a renewal period, the CPI adjustments.

How old is the building?

It's over 20 years old.