STRATEGIC PRIORITY: Mobility Solutions, Infrastructure, and Sustainability
AGENDA DATE: March 24, 2021
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Aviation
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize the (1) termination of that certain lease of land and facilities at Dallas Love Field between the City of Dallas and Associated Air Center, Inc., dated December 1, 1993, as amended and assigned to Regal Assets, LLC, and upon termination of the lease, approximately 373,083 square feet of land with the existing facilities shall be annexed into the Consolidated Lease of Land and Facilities with Regal Assets, LLC; and (2) First Amendment to the Consolidated Lease of Land and Facilities with Regal Assets, LLC, dated April 1, 2019 to add an additional ten years to the primary term of the lease and an additional ten-year renewal option in consideration of increasing Regal Assets' existing capital investment commitment by an additional $2,000,000.00 and including an additional rental payment of $1,500,000.00 to the City - Estimated Revenue: Aviation Fund $52,340,449.75 additional rent during the primary term of the lease
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BACKGROUND
Regal Assets, LLC ("Regal Assets") currently leases approximately 1,099,188 square feet of land with existing improvements at Dallas Love Field under that certain Consolidated Lease of Land and Facilities dated April 1, 2019 (the "Consolidated Lease"). Pursuant to the terms of the Consolidated Lease, Regal Assets has an existing capital investment commitment to expend no less than $5,000,000.00, by March 31, 2022.
Regal Assets also currently leases approximately 373,083 square feet of land with existing improvements under that certain Lease of Land and Facilities at Dallas Love Field between the City of Dallas and Associated Air Center, Inc., as amended and assigned to Regal Assets (the "South Lease"). The South Lease has approximately two and a half ye...
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