Title
Authorize the City Manager to finalize and execute a Consent to Assignment of Ground Lease with Colmet Aviation, LLC.
Body
On July 1, 2019, the City of Mesquite entered a ground lease with Sundance MC, LLC for a 9,600-square-foot hangar located at 1670 Airport Boulevard. The initial term of the ground lease is 30 years with two five-year extensions. In accordance with the assignment provisions of the ground lease, Colmet Aviation, LLC has negotiated terms to purchase the hangar from Sundance MC, LLC under the same terms and conditions as the original ground lease.
According to the Dallas Central Appraisal District, the hangar located at 1670 Airport Boulevard in 2023 had a taxable value of $489,220.00. Colmet Aviation, LLC intends to purchase a jet aircraft for the facility, which will be used for business purposes.
The City Attorney’s office has reviewed the Consent to Assignment.
Recommended/Desired Action
Staff recommends the City Manager be authorized to finalize and execute a Consent to Assignment of Ground Lease with Colmet Aviation, LLC.
Drafter
Eric Pratt, C.M.
Head of Department
Eric Pratt, C.M.