Title
Authorize the City Manager to finalize and execute a ground lease renewal with Classic Flight, L.P., for a 10-year extension for Aircraft Hangar D4, located at 910 Airport Boulevard, Mesquite, Texas.
Body
Classic Flight, L.P. purchased Hangar D4 in December 1998 from the developer who built these facilities on a ground lease beginning March 1993. The existing ground lease has an initial term of 30 years that expired on February 28, 2023. The ground lease allows for two 10-year extensions at the request of Classic Flight, L.P. The ground lease provides for a rate increase based upon the Dallas Consumer Price Index, every five years. At the end of the lease term, the hangar will revert to City ownership.
Recommended/Desired Action
Staff recommends the City Manager be authorized to finalize and execute a ground lease renewal with Classic Flight, L.P.
Drafter
Eric Pratt C.M.
Head of Department
Eric Pratt C.M.