From
Jan Hill, Airport Operations Coordinator
Title
New Option Contract - Timeless Hangars, Inc., Location 23 South B - Grand Prairie Municipal Airport
Presenter
Randy J. Byers, C.M., Airport Director
Recommended Action
Approve
Analysis
On April 15, 2014, the Grand Prairie City Council approved a land lease with Timeless Hangars, Inc. for the purpose of constructing a hangar at the Grand Prairie Municipal Airport. The construction is nearing completion and in accordance with their original request to build the first hangar then consider a second facility adjacent to the original construction, Timeless Hangars, Inc. seeks a one-year option of the area next to the original site.
Financial Consideration
The rate for an option on the nine thousand three hundred and eleven square feet will be $0.0675 per square foot per year. Annual rental will be $628.50. If the option is exercised before expiration of the initial term or any renewal term of the Option Contract, all rentals paid under the Option Contract will be credited toward the new lease with Timeless Hangars, Inc.