[DOWNLOAD] "Air Flite and Serv-a-Plane V." by Court of Appeals of Michigan * Book PDF Kindle ePub Free

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eBook details

• Title: Air Flite and Serv-a-Plane V.
• Author : Court of Appeals of Michigan
• Release Date : January 17, 1984
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 58 KB

Description

Respondent township appeals as of right from a May 12, 1983, Michigan Tax Tribunal decision holding that an airplane hangar built and used by petitioner pursuant to a lease between petitioner and the Tri-City Airport was real property belonging to Tri-City Airport. The township believed the hangar was personal property pursuant to MCL 211.8(d); MSA 7.8(d). Although the dispute between petitioner and respondent goes back to the 1971 assessment, only the 1980 and 1981 assessments are involved in the instant appeal. Petitioner entered into the lease at issue on May 1, 1973. Under the lease, petitioner agreed to erect a new building to contain a hangar, workshop, offices, waiting room for the public and related facilities, and parking and was required to pay approximately $3,400 per year plus a percentage of petitioner's gross. The lease term was for 20 years with an option to renew for five more. The airport had a right to adjust rent every three years. However, ""if no mutually satisfactory agreement as to the rate and fees is reached"" the airport was required to pay petitioner the ""undepreciated value of any building or fixed property improvements to the land leased"", applying straight-line depreciation. Likewise, if petitioner were to default the airport had a right to ""re-enter and repossess the leasehold premises"" but the airport was to pay plaintiff $1,150 for each month that the base term had to run from the date of releasing the facilities to another operator.

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