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AI# 10835
Regular City Council Meeting
5.8.
07/12/2022:
Information
Agenda Item
Resolution - Aviation:
Consider a resolution authorizing the Mayor to execute a lease agreement, with Robert Madden Industries, Ltd., for building a new hangar at the Lubbock Preston Smith International Airport.
Item Summary
Robert Madden Industries, Ltd. requests a lease agreement for 46,941 square feet of land to construct an 8,100 square foot hangar on the west side of the airport. The rental rate is $0.249 per square foot, per year, making the annual rental $11,688.31, to be paid in monthly installments of $974.03. The rental rate will be adjusted annually by the Consumer Price Index (CPI). The term shall be for 30 years and shall begin the day the agreement is executed by the City Council. The term is commensurate with the amount of capital investment made by the lessee in the leased premises, consistent with the airports required Aircraft Storage Operator Capital Investment Schedule.
Airport staff and the Airport Advisory Board recommend a lease agreement with Robert Madden Industries, Ltd., to construct a new hangar at the Lubbock Preston Smith International Airport.
Fiscal Impact
The lease will generate an additional annual revenue of $11,688.31.
Staff/Board Recommending
Bill Howerton, Deputy City Manager
Kelly Campbell, Executive Director of Aviation
Airport Advisory Board
Attachments
Resolution Robert Madden Industries, Ltd.
Lease Agreement Robert Madden Industries, Ltd.
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