Title
5400 Airport Drive Hangar Lease
Action
Action:
A. Approve a 10-year lease agreement with Building Investments Products, Inc. for a hangar facility at the Fixed Based Operator site located at Charlotte Douglas International Airport, and
B. Authorize the City Manager to approve one additional 10-year lease extension consistent with the purpose for which the agreement was approved.
Body
Staff Resource(s):
Brent Cagle, Aviation
Haley Gentry, Aviation
Explanation
§ Building Products Investments, Inc. (formerly Golden Eagle Properties, Inc.) has operated at the Airport for the last 20 years.
§ The initial lease included two, 10-year extension periods and expired in April 2020.
§ The hangar facility consists of 15,000 square feet.
§ The annual rent is $229,809, and the 10-year lease value is $2,298,090.
§ Facility rents will be adjusted periodically per the terms and conditions of the lease amendment to keep pace with market conditions.
§ This activity is occurring on airport property located in Council District 3.
Fiscal Note
Funding: Revenue will be deposited into Aviation’s Operating Fund