Agenda

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10.

Work Session and Regular Meeting

Meeting Date:	04/12/2016
Department:	Airport

AGENDA CAPTION:

Consider A Resolution For The Proposed Assignments Of Lease From ADS US Sport Aircraft, LLC To ADS Importing, LLC At 4700 Airport Parkway And A Resolution For The Proposed Assignment Of Lease From ADS US Sport Aircraft, LLC To ADS Importing, LLC At 4660 Jimmy Doolittle Drive.

BACKGROUND:

ADS US Sport Aircraft, LLC is requesting its two conventional hangar leases be assigned to its newly created affiliate, ADS Importing, LLC. All other terms and conditions of the original conventional hangar leases, as amended, will remain unchanged. The tenant is currently in good standing with the airport.

ADS US Sport Aircraft (US Sport) sells and leases light-sport aircraft and conducts flight training at Addison Airport. US Sport has been located at 4700 Airport Parkway since 2011 and at 4660 Jimmy Doolittle Drive since 2015. It also leases six patio hangars and one T-hangar in support of its operations.

Earlier this year, ADS US Sport Aircraft restructured its business entities in order to lessen potential liability against its various limited liability companies. This resulted in the creation of a new limited liability company, USSA Importing, which is owned and managed by Patrick Arnzen and Stuart Stevenson. ADS US Sport Aircraft, LLC will be the operating entity, leasing assets and sub-leasing facilities from ADS Importing, LLC. ADS Importing, LLC will own the assets (aircraft, furniture and equipment) and hold the master leases with Addison Airport.

The lease agreement for the 6,400sf hangar/office at 4800 Airport Parkway expires on January 31, 2017. The monthly rent is $2,685.00. The lease agreement for the 8,200sf hangar/office at 4660 Jimmy Doolittle expires on July 31, 2018. The monthly rent is $4,441.67. Each hangar/office location has associated ramp and parking area as part of the lease premises.

RECOMMENDATION:

Administration recommends approval.

Attachments
Resolution
Resolution