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Corporate Hangar Lease Agreement With Dennis Garrett and Kenneth Bollenback for Hangar Located at 16485 Runway Drive at Brooksville-Tampa Bay Regional Airport
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BRIEF OVERVIEW
Dennis Garrett has been a tenant in good standing since 2004. The current lease is expiring. Mr. Garrett wishes to enter into a new Corporate Hangar Lease Agreement and add Kenneth Bollenback as a joint tenant. The hangar is located at 16485 Runway Drive at the Brooksville-Tampa Bay Regional Airport.
The lease term for the Premises shall commence the 1st day of September 2024, and shall end on the anniversary date five (5) years hence.
FINANCIAL IMPACT
Annual Revenue will be recognized in Fund: 4311 - Airport/Industrial Park, Department: 07411 - Airport Operations, Account: 3620024 - Lease-Airport Hangars according to the following schedule:
Year 1: $28,864.00
Year 2: $37,851.20
Year 3: $46,838.40
Year 4: $55,760.00
Year 5: $57,465.60
LEGAL NOTE
The Board is authorized to act on this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended the Board approve and authorize the Chairwoman’s signature on the attached Corporate Hangar Lease Agreement with Dennis Garrett and Kenneth Bollenback.