Consider recommending approval to advertise for a public hearing for Ordinance 26-XX: An Ordinance authorizing the sale of Hangar 91, located at 99 Will Rogers Rd, consisting of a 21,544 square-foot hangar only, for $250,000.00 upon the terms set forth in the Purchase and Sale Agreement and authorizing the City Manager and/or the Mayor to finalize an appropriate ground lease consistent with the material terms set forth below. (Thompson)

Initiated by: Bobbi Thompson

The City of Roswell has determined that the subject property, Hangar 91, located at 99 Will Rogers Road at the Roswell Air Center (ROW), no longer serves a municipal purpose in accordance with Ordinance 24-03. The proposed transaction involves the sale of the hangar only, with no land included. The property was independently appraised at $250,000.00. Attached is the appraisal report prepared by Airport Business Solutions. The proposed sale is intended to encourage private investment, continued occupancy, maintenance of the facility, and increased general aviation activity at ROW. The transaction will remain subject to a finalized ground lease and all terms and conditions contained in the Purchase and Sale Agreement. The Roswell Air Center has also received approval from the FAA for the building sale.

The City will receive $250,000.00 from the sale of the hangar, minus the credit from the flooding of October 2024 ($55,308.69). The purchaser will also assume responsibility for maintenance and operational obligations associated with the facility pursuant to the Purchase and Sale Agreement and ground lease terms. Tenant agrees to pay for the ground lease, Six Thousand Seven Hundred Thirty-Five dollars and zero cents ($6,750.00), payable in 12 monthly installments of $562.50.

Assistant City Attorney has reviewed the purchase-sale agreement and has updated the initial estimate of the credit from Nieto Custom Builders to the finalized FEMA credit of $55,308.69.

Legal Committee will be the first to consider this item.

Proceed as presented.