Title
American Airlines Cargo and Warehouse Lease Extensions
Action
Action:
A. Approve a five-year lease extension with American Airlines for cargo facilities located at 4818 Express Drive,
B. Approve a five-year lease extension with American Airlines for cargo facilities located at 4840 Express Drive,
C. Approve a five-year lease extension with American Airlines for cargo facilities located at 4812 Express Drive,
D. Approve a five-year lease extension with American Airlines for warehouse facilities located at 4734 West Boulevard, and
E. Approve a five-year lease extension with American Airlines for warehouse facilities located at 5800 Tunnel Road.
Body
Staff Resource(s):
Brent Cagle, Aviation
Haley Gentry, Aviation
Explanation
§ Aviation contracts with various tenants for space on Airport property, which is located in Council District 3.
§ American Airlines requires cargo and warehouse facilities at the airport to support its local operation.
§ The annual revenue is as follows:
- 4818 Express Drive - This facility totals 14,282 total square feet. The annual rent is $81,674.35 with a total lease value of $408,371.75 over the five-year term,
- 4840 Express Drive - This facility totals 13,198 square feet. The annual rent is $76,251.78 with a total lease value of $381,258.90 over the five-year term,
- 4812 Express Drive - This facility totals 10,800 square feet. The annual rent is $73,278.17 with a total lease value of $366,390.86 over the five-year term,
- 4734 West Boulevard - This facility totals 28,675 square feet. The annual rent is $102,814.50 with a total lease value of $514,072.50 over the five-year term, and
- 5800 Tunnel Road - This facility totals 6,169 square feet. The annual rent is $26,566 with a total lease value of $132,830 over the five-year term.