SUBJECT
title
Authorizing the City Manager to execute a parcel development ground lease agreement between the City of Laredo and Gravity Jets, LLC, Fort Lauderdale, FL, on a 13.42 acre +/- tract of land, legally described as a 13.42 acres out of Block 1, Laredo Airport Subdivision, and Abstract 239, City of Laredo, Webb County Texas, as recorded in Volume 5, Page 1, of the Plat Records of Webb County, Texas, for the purposes of constructing and developing a fixed-base operator facility. The lease term shall be for thirty years, with one option to extend for an additional nine years. The monthly rent shall be $11,691.50, and shall be adjusted commencing on the first anniversary of the occupancy term effective date. Rent shall be adjusted on each successive anniversary thereafter by the percentage change in the Consumer Price Index (CPI); providing for severability; and providing for an effective date.
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PREVIOUS COUNCIL ACTION
N/A
BACKGROUND
The Laredo International Airport is proposing to enter into a parcel development ground lease agreement with Gravity Jets, LLC, is a limited liability corporation, for the purposes of constructing and developing a Fixed Based Operator (FBO) Facility at the Laredo International Airport.
The Laredo International Airport currently has two FBO’s that provide service to General Aviation aircrafts. In order to better service customer’s landing at LRD, the airport is interested in developing a new FBO facility. Gravity jet’s is proposing to develop this facility on a 13.42 acre tract of land to provide a variety of aviation services, such as aircraft storage, maintenance, and repairs.
Gravity Jets proposal includes developing the following:
Aircraft Ramp - 240,000 sqft
Paint Hangar - 51,150 sqft
FBO Hangar - 30,000 sqft
FBO - 6,000 sqft
Maintenance Hangars - 80,000 sqft
Support Space - 26,600 sqft
Administrative Facility - 32,000 sqft
The Laredo International Airport is in support of the development of said project. If approved, this project will attract more aircrafts to the Laredo International Airport and will also create new jobs, leading to the stimulation of our economy.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends the approval of this introductory ordinance.
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Fiscal Impact
Fiscal Year: 2024
Budgeted Y/N?: N
Source of Funds: Revenue
Account #: Aeronautical Ground Rent
Change Order: Exceeds 25% Y/N: Click or tap here to enter text.
FINANCIAL IMPACT:
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