Title
FedEx Parking Facility Lease
Action
Action:
A. Approve a five-year lease agreement with Federal Express Corporation for parking facilities, and
B. Authorize the City Manager to approve up to two, five-year lease extensions consistent with the purpose for which the agreement was approved.
Body
Staff Resource(s):
Brent Cagle, Aviation
Haley Gentry, Aviation
Explanation
§ Federal Express Corporation (FedEx) currently leases two cargo facilities from the Airport.
§ This lease will provide FedEx with additional parking capacity for its tractor trailers.
§ The annual value of the parking facility lease is estimated to be $108,369.10, for a five-year total of $541,845.50.
§ This activity is occurring on airport property, located in Council District 3.
Fiscal Note
Funding: Revenue to be deposited into the Aviation Operating Budget