STRATEGIC PRIORITY: Transportation & Infrastructure
AGENDA DATE: June 8, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Aviation
EXECUTIVE: Kimberly Bizor Tolbert
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SUBJECT
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Authorize (1) the termination of a lease of land and facilities at Dallas Love Field between the City of Dallas and Aviation Properties, Inc., effective April 1, 1980, as amended and assigned to Jet Aviation Texas, Inc.; and (2) a new lease of land and facilities with Jet Aviation Texas, Inc., for approximately 366,313 square feet of land and the existing improvements for a primary term of twenty years with one ten-year renewal option and a minimum capital investment obligation of $2,700,000.00 to be expended within the first thirty-six months after execution of the lease - Estimated Revenue: $16,233,177.17 over twenty years
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BACKGROUND
Jet Aviation Texas, Inc. ("Jet Aviation") currently leases approximately 367,900 square feet of land with existing improvements pursuant to that certain lease which was effective as of April 1, 1980. The City now desires to terminate the existing lease and enter into a new lease with Jet Aviation for a primary term of twenty years with one ten-year renewal option. The lease will be for approximately 366,313 square feet of land, reflecting an adjustment to remove portions of the airport vehicle service road from Jet Aviation's existing leased premises and to add approximately 4,700 square feet for the new fuel farm.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On August 2, 1978, City Council authorized the lease by Resolution No. 78-2147.
On April 30, 1980, City Council authorized a first amendment to the lease by Resolution No. 80-1245.
On August 26, 1981, City Council authorized a second amendment to the lease by Resolution No. 81-2474.
On October 23, 2002, City Council authorized a third amendment to the lease by Resolution No. 02-3032.
On December 14, 20...
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