Title
Airport Facility Lease - 4818 Express Drive, Suite B
Action
Action:
A. Approve a lease with Airline Tech Reps LLC dba STS Line Maintenance for office and warehouse needs at the airport related to its aircraft maintenance services for a term of three years, and
B. Authorize the City Manager to renew the lease for up to two, one-year terms and to amend the lease consistent with the purpose for which the lease was approved.
Body
Staff Resource(s):
Haley Gentry, Aviation
Ted Kaplan, Aviation
Explanation
§ Airline Tech Reps LLC dba STS Line Maintenance is the current tenant of the Airport’s facility located at 4818 Express Drive, Suite B, and wishes to continue tenancy through a new lease following the expiration of its current term.
§ The leased premise consists of 712 square feet of office area and 2,573 square feet of warehouse area within a multi-tenant, airfield-accessing facility within the cargo campus of the Airport.
§ Terms of the lease include:
- Annual estimated revenue of $22,776.50 based on current fair market value determination, and
- Annual lease increase of three percent per year to support the Airport’s federal requirement of remaining self-sustaining.
Fiscal Note
Funding: Revenues from this lease will be deposited into the Aviation Operating Budget