From
Elsa Delgado
Title
Two separate commercial hangar leases with Aviator Air Flight School, LLC.: Hangar 5 South A and Hangar 5 South B, each lease for a term of 5 years with tenant's option to renew for one additional 5-year term; the lease of Hangar 5 South A beginning July 1, 2019 and ending June 30, 2024, and the lease of Hangar 5 South B beginning August 1, 2019 and ending July 31, 2024, with a combined annual rent of $5,352
Presenter
Mark J. Divita, C.M., Airport Director
Recommended Action
Approve
Analysis
Aviator Air Flight School, LLC seeks to enter into commercial leases of two airport hangars, those hangars being Hangar 5 South A and Hangar 5 South B. Each hangar is approximately 928 square feet. The term of both leases is to be 5 years with the tenant's option to renew for one additional 5-year term. The leases will begin one month apart with the lease term of Hangar 5 South A beginning July 1, 2019 and ending June 30, 2024, and the lease term of Hangar 5 South B beginning August 1, 2019 and ending July 31, 2024. Aviator Air Flight School, LLC is the Airport's FBO and is in good standing, currently leasing hangars 3 South and 4 South and terminal building suites 101 and Suite 103.
Financial Consideration
Revenues received under these commercial lease agreements will be in accordance with the FY19 Airport Fees Schedule. The monthly rental amount for each leased location will be $223.00, for a total annual revenue amount of $5,352.00.