From
Elsa Delgado
Title
Lease Option Renewal with Larry Tippit for Timeless Hangars, Inc. for 24 South B for a one (1) year term beginning January 1, 2019, and ending December 31, 2019 and an annual rent of Eight hundred Thirty Seven dollars and Ninety Nine cents $837.99
Presenter
Mark J Divita, C.M., Airport Director
Recommended Action
Approve
Analysis
On December 9, 2014, the Grand Prairie City Council approved a lease option with Timeless Hangars, Inc. for Location 24 South B. Timeless Hangars, Inc. plans to construct their second hangar on the site. They are seeking to secure an option for the area for a fifth year to allow time to develop plans for the new facility. Optionor hereby grants to Optionee the first right and option to lease the property at the price and under the terms expressed herein consisting of nine thousand three hundred eleven (9,311) square feet of unimproved land designated as Location 24 South B at the Grand Prairie Municipal Airport. The option Contract to lease the property shall remain in effect for a period of one year, beginning January 1, 2019, and ending December 31, 2019. No further options will be granted after 2019. The Airport has plans to build on this site in the near future if Timeless Hangars does not build by the end of 2019.
Financial Consideration
The Option Contract is granted in consideration of the payment of nine cents $.0.09 per square foot per year. Annual rental will be Eight hundred Thirty Seven and Ninety Nine cents $837.99 or Sixty Nine Dollars and Eighty Three cents $69.83 per monthly.