The original ground lease for this 1.135-acre parcel of land was entered into on September 28, 1983, with Parkway Jet, Inc. After the property was sold and assigned various times, the ground lease was acquired by the current tenant, Claire Chennault Partners, LLC on November 27, 2013.
The Leased Premises originally consisted of approximately 11,000 square feet of hangar space with adjoining offices, and 25,000 square feet of aircraft apron. In 2005, the Leased Premises were improved by adding approximately 3,000 square feet of clear-span hangar space along with interior office modifications. In consideration of the value added to the leased premises by these improvements, the lease term was extended eight years, so the term is now set to expire August 30, 2032.
The Assignee, RR Investments, Inc., operating as Million Air - Dallas, is one of the airport’s three Fixed Base Operators (FBO) and has been operating on the field for almost 40 years. It is acquiring this property to facilitate its expansion of its current FBO operations, fuel sales, and customer base.
The city attorney has reviewed the proposed Assignment of Ground Lease Agreement with Consent of Landlord and finds it acceptable for the Town’s purposes. After the City Manager executes the Consent of Landlord, airport management will deliver the agreement in trust to the escrow agent administering the transaction closing to be executed by the parties; the escrow agent will deliver to the Town a publicly recorded copy of the fully executed document for its records.
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