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Item Nos. 16-24 TO: Mayor, Mayor Pro -Tem & City Council Robert Vine, Interim City Manager FROM: Paul Strahan, Airport Manager/FBO Operator SUBJECT: GROUND LEASE AGREEMENT FOR PRIVATE HANGARS DATE: October 14, 2024 BACKGROUND: LT Wings intends to build 9 private hangars for storage of personal aircraft at Cox Field Airport. STATUS OF ISSUE: Hangar No. 1 - LT Wings is proposing to construct (1) 80' x 80' hangar, hangar 1, parallel to taxiway Alpha heading north. The ground lease agreement is for a 40 -year period and for an annual payment of $1,600.00. The city will retain ownership of the land, and, as is typical with a ground lease, once it expires the city can reclaim any fixed assets remaining on the site. The FAA has approved the proposed hangar location, and the airport advisory board recommends approval of the attached ground lease with LT Wings. Hangar No. 2 - LT Wings is proposing to construct (1) 80' x 80' hangar, hangar 2, parallel to taxiway Alpha heading north. The ground lease agreement is for a 40 -year period and for an annual payment of $1,600.00. The city will retain ownership of the land, and, as is typical with a ground lease, once it expires the city can reclaim any fixed assets remaining on the site. The FAA has approved the proposed hangar location, and the airport advisory board recommends approval of the attached ground lease with LT Wings. Hangar No. 3 - LT Wings is proposing to construct (1) 80' x 80' hangar, hangar 3, parallel to taxiway Alpha heading north. The ground lease agreement is for a 40 -year period and for an annual payment of $1,600.00. The city will retain ownership of the land, and, as is typical with a ground lease, once it expires the city can reclaim any fixed assets remaining on the site. The FAA has approved the proposed hangar location, and the airport advisory board recommends approval of the attached ground lease with LT Wings.