Title
Airport Facility Lease Amendment - 5800 Tunnel Road
Action
Action:
A. Approve a lease amendment with American Airlines, Inc. for additional office and warehouse space, and
B. Authorize the City Manager to amend and extend the lease for up to two, one-year terms consistent with the purpose for which the lease was approved.
Body
Staff Resource(s):
Haley Gentry, Aviation
Ted Kaplan, Aviation
Explanation
§ American Airlines, Inc. currently leases three suites in the facility located at 5800 Tunnel Road and wishes to expand into the remaining available suite in the facility.
§ The additional suite consists of 817 square feet of office area and 2,109 square feet of warehouse area within a multi-tenant, airfield-adjacent facility within the cargo campus of the Airport.
§ Terms of the amendment include:
- Additional annual lease revenue of $20,297.50 based on current fair market valuation as determined by property appraisal, and
- Lease expiration on December 31, 2027.
Fiscal Note
Funding: Revenues from this lease will be deposited into the Aviation Operating Budget