From
Jan Hill
Title
Assignment of Lease Agreement - Kyle Bryson, Mixed Up Burgers to Chad Ferrell, Aviator Air, LLC.
Presenter
Randy J. Byers, C.M., Airport Director
Recommended Action
Approve
Analysis
On May 1, 2013, Kyle Bryson, Mixed Up Burgers, entered into a Lease Agreement to operate a restaurant in the Airport Terminal at the Grand Prairie Municipal Airport. The term of the lease expires April 31, 2018. Mr. Bryson now seeks to assign his rights under that agreement to Chad Ferrell, President, Aviator Air, LLC.
Mr. Ferrell has operated a flight school, pilot shop, full-service fueler, and maintenance facility as Aviator Air, LLC at the airport for over three years. All aspects of the operation are viewed as assets to the airport.
Financial Consideration
Rentals under the assignee will be the same as those previously paid by the assignor - fifteen (15%) of gross revenues. No impact on gross revenues is anticipated under the new ownership.