Title
Charlotte Pipe & Foundry Airline Hangar License
Action
Action:
A. Approve a 10-year license with Charlotte Pipe & Foundry for corporate hangar facilities, and
B. Authorize the City Manager to execute two additional, five-year renewal options.
Body
Staff Resource(s):
Brent Cagle, Aviation
Explanation
§ Charlotte Pipe & Foundry entered into a corporate aviation agreement in 1981.
§ Charlotte Pipe & Foundry desires to continue occupying 13,200 square feet of hangar and office space at Charlotte Douglas International Airport.
§ For the first five years of the agreement, the annual rent will be $49,109.28, which includes Facility Rent (based on amortized value), Airport Service Fees, and Ground Rent.
§ For years 5 through 10 (and additional renewal options), the rent will be based on fair market rent to be determined by an appraisal.
Fiscal Note
Revenue from this license will be deposited into the Aviation Operating Fund