From
Elsa Delgado
Title
Commercial Hangar lease with Aviator Air Flight School, LLC. for Hangar 5 South D for a term of five years with tenant's option to renew for one additional 5-year term; beginning March 1, 2020 and ending February 28, 2025, and with an annual rent of $2,676
Presenter
Mark J. Divita, C.M., Airport Director
Recommended Action
Approve
Analysis
Aviator Air Flight School, LLC seeks to enter into a commercial lease agreement of airport hangar 5 South D. The hangar is approximately 928 square feet. The term of the lease is for 5 years with the tenant's option to renew for one additional 5-year term. The lease will begin March 1, 2020 and ending February 28, 2025. Aviator Air Flight School, LLC is the Airport's FBO and is in good standing, currently leasing hangars 5 South-A and B; 3 South and 4 South and terminal building suites 101 and Suite 103.
Financial Consideration
Revenues received under this commercial lease agreement will be in accordance with the FY2020 Airport Fees Schedule. The monthly rental amount for leased location will be $223.00, for a total annual revenue amount of $2,676.