SUBJECT
title
Authorizing the City Manager to execute a hangar lease agreement between the City Of Laredo and Signature Flight Support, LLC, for a property located at 5513 Thomas Avenue, known as Hangars 1 & 2, constituting of approximately 14,702.18 square feet of hangar space. Lease term shall be for nine (9) years commencing on the date of execution. The monthly rent shall be $4,291.00 and will be adjusted annually according to changes in the Consumer Price Index (CPI).
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PREVIOUS COUNCIL ACTION
N/A
BACKGROUND
Signature Flight Support is a Fixed Based Operator (FBO) at the Laredo International Airport. They provide aviation services to general aviation operators, including fueling, hangaring, parking, aircraft maintenance, and other related services.
Signature wishes to expand their hungering services by entering into a lease agreement with the purposes of leasing out a property located at 5513 Thomas Avenue, constituting of approximately 14,702.18 square feet of hangar space. Lease term shall be for nine (9) years commencing on the date of execution. The monthly rent shall be $4,291.00 and will be adjusted annually according to changes in the Consumer Price Index (CPI).
Signature is a current tenant in good standing.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends the approval of this introductory ordinance.
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Fiscal Impact
Fiscal Year: 2025
Budgeted Y/N?: Y
Source of Funds: Aero Building Rent
Account #: 242-0000-361-1086
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
Monthly Rent: $4,291.00
Annual Rent: $51,492.00
Revenue collected will be allocated to Aeronautical Building Rent Account: 242-0000-361-1086.