From
Lydia Zuckerman
Title
Commercial Lease for Operation of Restaurant Facility at Grand Prairie Municipal Airport with Radial Engine Restaurant, LLC for a three-year (3) term with one option to renew for a three-year (3) term for $414.17 per month
Presenter
Mark J. Divita, C.M., Airport Director
Recommended Action
Approve
Analysis
Radial Engine Restaurant, LLC began conducting business at the Airport Terminal on September 20, 2017. The Airport executed an Assignment of Lease Agreement assigning the lease from Aviator Air, LLC to Radial Engine Restaurant, LLC. The lease assignment expires April 30, 2018. Their operation has been successful and the operator seeks to execute an agreement for a three -year (3) term with the option to renew for one (1) additional three-year (3) term beginning June 1, 2018 through May 31, 2021. Please see attached Exhibit 'A' for restaurant facility floor plan and Exhibit 'B' for restaurant equipment inventory list.
Financial Consideration
The Airport will receive Four Hundred Fourteen Dollars and Seventeen Cents ($414.17) per month in rental revenues for a total for $29,820.24 including the three-year (3) option to renew.