From
Jan Hill
Title
Consent to Assignment Uniflight, LLC, to MDJ Aviation, LLC; one five-year option to be added to the end of the initial lease term; and, Consent to Sublease from MDJ Aviation LLC, LLC to Uniflight, LLC
Presenter
Randy J. Byers, C.M., Airport Director
Recommended Action
Approve
Analysis
On January 19, 2011, the Grand Prairie City Council approved a lease agreement with Frank E. Everett, d.b.a. Everett Properties for Location 1 West at the Grand Prairie Municipal Airport. The lease is for approximately 19,500 sq. ft. of improved property. That agreement allows access from the adjacent property to the airport. The term of the lease is June 16, 2010 through June 16, 2030.
On April 7, 2015, the Grand Prairie City Council approved the assignment of the leased area to Uniflight, LLC contingent upon the sale of the adjacent property by Everett Properties to Uniflight, LLC. That transaction occurred on December 9, 2015 as evidenced by a Special Warranty Deed filed with the Tarrant County Clerk Mary Louise Garcia on December 16, 2015. The adjacent property was sold to MDJ Aviation, LLC on December 11, 2015 as evidenced by a Special Warranty Deed filed with the Tarrant County Clerk Mary Louise Garcia on December 16, 2015.
On December 15, 2015, Uniflight, LLC assigned the leased area to MDJ Aviation, LLC, contingent upon approval by the Grand Prairie City Council. Both parties now request the consent of the Grand Prairie City Council to the assignment.
MDJ Aviation, LLC has requested that a five-year option be added to the lease term.
Once the assignment has been approved, MDJ Aviation will sublease the airport property to Uniflight, LLC. Both parties request the consent of the Grand Prairie City Council to the sublease.
Financial Consideration
There will be no financial impact to the Airport Operating Fund Budget.