Title
Airport Facility Lease - 4402 Yorkmont Road
Action
Action:
A. Approve a three-year lease with AGI Cargo, LLC for an office and warehouse facility at 4402 Yorkmont Road, 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
§ AGI Cargo, LLC recently acquired Jetstream Ground Services, Inc., the current tenant of the office and warehouse facility located at 4402 Yorkmont Road, and assumed Jetstream’s lease on a month-to-month basis. AGI wishes to extend this lease following the expiration of the term.
§ The leased area consists of 400 square feet of office space and 18,500 square feet of warehouse space within a single-tenant, airfield accessible cargo facility.
§ Terms of the lease include:
- Annual rent of $282,950, and
- Rent escalations of three percent per year.
Fiscal Note
Funding: Revenues from this lease will be deposited into the Aviation Operating Budget.