Supervisors adjust airpark leases for Altman Specialty Plants

Altman Specialty Plants LLC leases 116.45 acres of non-aviation land at Fallbrook Community Airpark, and the San Diego County board of supervisors approved a lease rental amount adjustment for the parcel Wednesday, Sept. 11.

The supervisors’ 5-0 vote approved rent adjustments for two separate leases which run through 2029. The 20-year lease approved with Color Spot Nurseries Inc. in 2009 called for a renegotiation in the rental rates every five years based on current market rates, and the rent was increased by approximately 5%.

Two separate 20-year leases with Color Spot were approved by the board of supervisors in September 2009. One covers 50.88 acres of leasehold area and the other is for 65.57 acres of land. Both leases are used exclusively for agricultural purposes to grow potted plants for commercial nurseries.

The 20-year leases include annual cost of living adjustments based on the Consumer Price Index and also call for periodic rent negotiation every five years to be consistent with current market rates.

The board of supervisors approved the first periodic rent adjustment in September 2014. The leases were transferred from Color Spot Nurseries Inc. to Altman Specialty Plants LLC in October 2018.

The new lease rates increase the monthly rent for the 50.88-acre area from $12,792 to $13,431. The monthly rent for the 65.57-acre leasehold was increased from $16,192 to $17,001. The amendments to the leases also add language covering energy and water conservation, recycling and waste reduction.

The Fallbrook Airpark Advisory Committee voted 4-0 to recommend the new lease agreements, May 6.