Title
American Airlines Federal Credit Union Lease
Action
Action:
A. Approve a lease with American Airlines Federal Credit Union for space to provide banking services for an initial term of three years, and
B. Authorize the City Manager to renew the lease for up to two additional, three-year terms with possible price adjustments and to amend the contract consistent with the City’s business needs for which the contract was approved.
Body
Staff Resource(s):
Brent Cagle, Aviation
Haley Gentry, Aviation
Explanation
§ American Airlines Federal Credit Union (AAFCU) provides banking services to American Airlines employees and others working at the Airport.
§ AAFCU began operating at the Airport in March 2015.
§ The annual value of the lease is $56,358.51, for a total value of $169,075.53 over the three-year term with rental adjustments at each renewal.