From
Jan Hill
Title
Airport Leases - Uniflight, LLC and Landord's Waiver and Consent - Uniflight, LLC, Hangar Locations 10 North B and 10 North C - in favor of Gibraltar Business Capital, LLC and Boathouse Capital LP
Presenter
Randy J. Byers, C.M., Airport Director
Recommended Action
Approve
Analysis
Uniflight, LLC, a Delaware limited liability company, leases Hangar Locations 10 North B and 10 North C at the Grand Prairie Municipal Airport. In order to secure financing for their operations, they are seeking approval of Landlords Waiver and Consent from two entities, Gibraltar Business Capital, LLC and Boathouse Capital LP. The collateral will be limited to personal property, inventory, and machinery and equipment not permanently affixed in any way to the leased facility.
The leases with Unflight, LLC expire on January 31, 2012. The expiring leases allow three (3) additional one-year renewals. Uniflight, LLC exercise the option of renewing both leases for an additional year.
Financial Consideration
Rental under the new agreements will increase from $1,000 per month to $1,050 per month and include a $15 per month fee for trash removal from each location.