Agenda

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Item # 4.e.

City Council (FY24)

Meeting Date:	12/12/2023
Department:	Airport
Pillars:	Excellence in Transportation Systems
Milestones:	Leverage Airport assets to maximize business growth and expansion

AGENDA CAPTION:

Consider action on a Resolution consenting to the sale and assignment of the ground leasehold from JJS Hangar, LLC to N898TX Leasing, LLC for commercial office and aeronautical use on the airport property located at 4585 Claire Chennault Drive; and authorizing the City Manager to execute the Consent of Landlord, as required under the ground lease.

BACKGROUND:

JJS Hangar, LLC (Assignor) is requesting the Town of Addison to give its consent to the proposed sale and assignment of 4585 Claire Chennault Drive at Addison Airport from JJS Hangar, LLC to N898TX Leasing, LLC (Assignee).
The 1.144-acre Ground Lease was entered into in April 1984 with Redman Investments, Inc. and was subsequently sold and assigned to Triad CSGP, LLC on June 7, 2005. The Ground Lease was subsequently amended by the First Amendment to Ground Lease dated June 8, 2005. In January 2008, the property was sold and assigned to JJS Hangar, LLC. The Ground Lease is due to expire in 2039.

The building improvements consist of a three-bay hangar complex with approximately 16,000 square feet of conventional hangar space: 5,400 square feet of office/shop space on two floors, and approximately 18,774 square feet of aircraft apron subject to a “shared-ramp” ingress/egress easement affecting much of the eastern end of Taxilane Victor.

N898TX Leasing, LLC is managed by Mr. David Natinsky, co-owner of Stature Aviation, a rapidly growing aeronautical service provider at Addison Airport. Stature Aviation provides aircraft management and charter, aircraft sales, flight training, and maintenance services, and is the official Cirrus training center for the DFW Metroplex. Stature Aviation also subleases and occupies hangar and office facilities within the immediate vicinity of 4500 Westgrove Drive and 4581 Claire Chennault Drive.

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 closing transaction to be executed by the parties, and we will instruct the escrow agent to deliver a publicly recorded copy of the fully executed document to us for the Town’s records.

RECOMMENDATION:

Administration recommends approval.

Attachments
Resolution with Exhibit A
Location Map