Supervisors approve rent increases for Color Spot at airpark

The rent for the land Color Spot Nurseries, Inc., leases at Fallbrook Community Airpark was increased as of July 1.

A 4-0 San Diego County Board of Supervisors vote June 18, with Supervisor Ron Roberts absent, approved the amendments to the leases with Color Spot Nurseries to reflect the renegotiated rental rates. The amendments to the leases do not change the leasehold sizes or the termination dates.

Color Spot Nurseries, Inc., has two leases at Fallbrook Community Airpark, both of which were initially approved by the Board of Supervisors in December 1998. One of those is on land designated for aviation use while the other is on a portion of the airpark property designated for non-aviation use. Both leases expire on June 30, 2011.

The lease on aviation-use land had an initial term of three years, six months, and 15 days with three three-year options. The initial lease was for 19.568 acres, and in July 2006 a reduction in the leasehold size to 17.80 acres was approved by the county supervisors.

The lease on the non-aviation land was for 12 years, six months, and 15 days and originally covered 26.39 acres before the July 2006 amendment reduced that area to 19.40 acres.

Both of the original leases called for the rent to be negotiated to market rate as of July 1, 2008. The new base rent for the two leases is based on an appraisal of current market rent.

The monthly base rent for the lease on aviation land will increase from $2,874 to $3,263 while the monthly base rent for the non-aviation leasehold will increase from $3,133 to $3,557.

The setting of the base rent also includes annual cost of living adjustments.

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