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Corporate Hangar Lease Agreement With Pem-Air Turbine Engine Services, LLC, for Corporate Hangar Located at 16304 Flight Path Drive at Brooksville-Tampa Bay Regional Airport
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BRIEF OVERVIEW
Pem-Air Turbine Engine Services, LLC is a tenant in good standing and is currently leasing the Corporate Hangar located at 16304 Flight Path Drive. The lease agreement has expired, and Pem-Air would like to enter into another lease agreement for the same location. The new lease agreement will have a term of five (5) years, with rental rates specified in the lease for each year of the term.
FINANCIAL IMPACT
The Airport will receive annual revenue in the amounts stated below and recognized in:
Fund: 4311 - Airport/Industrial Park, Account: 3620024 - Lease-Airport Hangars.
Year 1 $58,950.00
Year 2 $67,770.00
Year 3 $78,300.00
Year 4 $81,000.00
Year 5 $83,424.00
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 Chairman’s signature on the attached Corporate Hangar Lease Agreement with Pem-Air Turbine Engine Services, LLC for the lease of the Corporate Hangar located at 16304 Flight Path Drive.