Consider Action on a Resolution to Approve a Three-Year Conventional Hangar Lease with ADS Importing, LLC, (dba Thrust Flight) for 4700 Airport Parkway at Addison Airport and Authorize the City Manager to Execute the New Lease.

ADS Importing, LLC (dba Thrust Flight) sells, leases, and services light-sport aircraft and conducts flight training. It has been leasing this 6,400 square-foot office/hangar facility since 2011 as its corporate office and for aircraft storage. ADS Importing, LLC's current lease expires January 31, 2023; it is requesting the Town of Addison execute a new, three-year lease agreement with the primary term being February 1, 2023 through January 31, 2026. The proposed lease allows for either party to early terminate the lease with a six-month advance written notice, or as otherwise agreed to by the Parties, should Tenant redevelop the Premises. ADS Importing, LLC is a tenant in good standing with the airport.

In support of its operations, ADS Importing, LLC also leases an adjacent 2,466 square-foot office (with adjoining T-hangar) for its flight training school and a 7,700 square-foot conventional hangar for its maintenance facility.

The table below shows the current and proposed rental rates:

Administration recommends approval.