From
Jan Hill, Airport Operations Coordinator
Title
New Lease - Mark Blackmon - Location 1 South - Grand Prairie Municipal Airport
Presenter
Randy J. Byers, C.M., Airport Director
Recommended Action
Approve
Analysis
Mark Blackmon seeks to lease eight thousand one hundred twenty-three (8,123) square feet of land on which to build a hangar containing approximately three thousand six hundred (3,600) square feet. The term of the lease agreement will be thirty (30) years beginning january 1, 2015 and ending December 31, 2044 with first right of refusal for two (2) additional five-year(5) terms.
At its April 16, 2014 meeting, the Airport Advisory Committee unanimously recommended City Council approval of the new lease.
Financial Consideration
The rental rate for the land will be $0.135 per square foot per year. Total annual rental will be one thousand ninety-six dollars and sixty-one cents ($1,096.61). Rental rates may be adjusted annually on October 1 to those rates established by the Grand Prairie City Council. During any additional term(s), rates will be those then in effect for similar properties at Grand Prairie Municipal Airport.