Title
Authorize the City Manager to finalize and execute (1) Consent to Assignment of Ground Lease with WRE Hangar 1680, LLC and Sundance MC, LLC, and (2) Consent to Assignment of Ground Lease with Sundance MC, LLC and Colmet Aviation 1680 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 1680 Airport Boulevard. The initial term of the ground lease is 30 years with two five-year extensions. On November 16, 2020, Sundance MC, LLC sold the hangar to WRE Hangar 1680, LLC, and the City Council authorized a Consent to Assignment of Ground lease for this transaction. The property and ground lease are being returned to Sundance MC LLC, who now wishes to convey the property and ground lease to Colmet Aviation 1680 LLC. The ground lease requires the City Council’s approval of these assignments of the ground lease.
According to the Dallas Central Appraisal District, the hangar located at 1680 Airport Boulevard in 2023 had a taxable value of $489,220.00. Colmet Aviation 1680 LLC intends to lease space in this facility for aircraft operators.
The City Attorney’s office has reviewed the Consents to Assignment.
Recommended/Desired Action
Staff recommends the City Manager be authorized to finalize and execute a (1) Consent to Assignment of Ground Lease with WRE Hangar 1680, LLC and Sundance MC, LLC, and (2) Consent to Assignment of Ground Lease with Sundance MC, LLC and Colmet Aviation 1680, LLC.
Drafter
Eric Pratt, C.M.
Head of Department
Eric Pratt, C.M.