From
Donald Postell
Title
Partial Assignment of Lease - Staggerwing Development to LLP Properties, LLC
Presenter
Anna Doll, Deputy City Manager
Recommended Action
Approve
Analysis
On April 5, 2016, the City Council approved a master lease with Staggerwing Development #4, L.L.C (Staggerwing) for certain parts of the Grand Prairie Municipal Airport to be developed as a flight school. The memorandum of lease date April 8, 2016 as well as the master lease signed May 11, 2016, contemplates Staggerwing assigning all or a portion of their lease with City consent after construction. Staggerwing has constructed Hanger #A in Building 25S and filed a request for consent to assign their rights in Hanger #A of Building 25S to LLP Properties, LLC.
Financial Consideration
LLP Properties, LLC will assume all obligations of Staggerwing Development #4, L.L.C so there will be no cost to the city.