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17 - Ground Lease Agreement with Dr. Louis Trenchard for construction of a private hangar
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17 - Ground Lease Agreement with Dr. Louis Trenchard for construction of a private hangar
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Item No. 17 <br />memorandum <br />TO: Mayor & City Council <br />Gene Anderson, Interim City Manager <br />FROM: Carla Easton, PE, Director of Engineering, Planning & Development <br />SUBJECT: GROUND LEASE AGREEMENT FOR PRIVATE HANGAR - COX FIELD <br />DATE: April 20, 2020 <br />BACKGROUND: Dr. Louis Trenchard is interested in building a private hangar for storage of <br />his personal aircraft at Cox Field Airport. <br />STATUS OF ISSUE: Dr. Trenchard is proposing to construct a 60' x 50' hangar located south <br />of the newly constructed Hangar J. The ground lease agreement is for a 40 -year period and for <br />an annual payment of $450. The city will retain ownership of the land, and as is typical with a <br />ground lease, once it expires the city can reclaim any fixed assets remaining on the site. The <br />FAA has approved of the proposed hangar location, and the airport advisory board recommends <br />approval of the attached ground lease with Dr. Trenchard. <br />BUDGET: Upon completion, will generate new revenues at the airport. <br />RECOMMENDATION: Authorize the city manager to execute a ground lease agreement with <br />Dr. Louis Trenchard for construction of a private hangar at Cox Field Airport. <br />
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