From
Jan Hill
Title
Lease Option - 24 South B - Timeless Hangars
Presenter
Randy J. Byers, 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 third year to allow time to develop plans for the new facility. The original option agreement included land to construct a twenty-five (25) foot extension to the taxilane. It has been determined that the City should construct and maintain all taxilanes on the airport. An area measuring approximately twenty-five (25) feet x ninety-five and one half (95.5) feet has been removed from the option area. The remaining area will be approximately 6,923.5 square feet.
Financial Consideration
The rental rate for the option will be one half the lease rate of $.135/per square foot per year or $.0675/per square foot per year. Annual rental will be $467.34 or $38.94 per month.