Title
Authorize the City Manager to finalize and execute a Consent to Assignment of Ground Lease with Comanche Group, Inc., and L3KSL4, LLC.
Body
On August 3, 2000, the City of Mesquite entered a ground lease with Comanche Group, Inc., for Hangar D2, a 3,600-square-foot hangar, located at 910 Airport Boulevard, which was purchased from the developer who built the facilities in 1993. The term of the ground lease is 30 years with two ten-year extensions. On February 28, 2023, the initial 30-year term ended, and the first ten-year extension was approved by City Council.
The agreed upon sale price is $370,000.00. According to the Dallas Central Appraisal District, Hangar D2, which is located at 910 Airport Boulevard, had a taxable value of $143,250.00 in 2024. The new lease holder, L3KSL4, LLC., intends to utilize this space for the storage of his personal aircraft.
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 Comanche Group, Inc., and L3KSL4, LLC.
Drafter
Eric Pratt, A.A.E.
Head of Department
Eric Pratt, A.A.E.