Boeing plans to sign a 40-year lease at the Renton Municipal Airport Wednesday, brightening Renton’s economic future.

“This is a momentous occasion,” said Gregg Zimmerman, City of Renton Public Works director at Monday’s Committee of the Whole meeting. “It’s a fairly complex lease. I’m pleased to say it’s been brought to fruitful completion.”

The Renton plant has produced over 6,000 737 jetliners.

The lease starts with 20 years and then includes two 10-year renewal options. The annual rate starts at $1.3 million and will increase every three years.

City Council approved the lease at Monday’s regular meeting. Mayor Denis Law plans to sign it in a ceremony at the Chamber of Commerce, which overlooks the airport.

“We’re just so thrilled that we’ve come to this point,” said council member Greg Taylor at Monday’s Committee of the Whole meeting.

There was thanks and praise all-around.

“We appreciate the hard work of the City of Renton staff,” said Shaunta Hyde, Boeing government relations manager. “We all came up with a product we really can support.”

Boeing has been in Renton for 65 years. The last lease was 25 years long, Zimmerman told the council.

The hope with the new lease was to make the airport self-sustaining. Money used from all of the tenants will be used to make improvements or apply for grants, he said.

The airport’s runway was repaved July 2009 with a $4.3 million grant from the Federal Aviation Administration.

“We’ve done some amazing things with the City of Renton,” said Boeing spokesperson Susan Bradley. “Our identities are kind of intertwined.”