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First Amendment to Lease Agreement for Commercial Fixed Base Operation With ABFL6, LLC d/b/a Bluewater Aviation at Brooksville-Tampa Bay Regional Airport and Associated Budget Resolutions
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BRIEF OVERVIEW
A Lease Agreement for Commercial Fixed Base Operation was signed by ABFL6, LLC d/b/a Bluewater Aviation on July 11, 2023, with rent payments starting on July 1, 2024. However, during geotechnical testing and core sampling prior to construction, it was discovered the drain field substrate is not as indicated on initial soil analysis and has an inadequate rate of absorption.
Construction costs have increased, and the project is delayed until resolution of this issue.
Instead of remitting lease payments at this time, Bluewater Aviation is requesting to pay Year 2's annual lease payment of $56,769.74 over the next three years (Years 3 through 5) of the lease in addition to their regularly scheduled payments. Total five-year budgeted revenue will be recognized at end of Year 5.
FINANCIAL IMPACT
The applicable reversing budget resolutions are attached. The line items are summarized below:
2024 Revenue:
Fund: 4311 - Airport/Industrial Park, Department 07411 - Airport Operations, Account: 3620026 - Lease-Fixed Base Operator, a decrease in the amount of ($4,689.14).
Fund: 4311 - Airport/Industrial Park, Department 07411 - Airport Operations, Account: 3620040 - Lease-Maintenance, a decrease in the amount of ($41.67)
2025 Revenue:
Fund: 4311 - Airport/Industrial Park, Department 07411 - Airport Operations, Account: 3620026 - Lease-Fixed Base Operator, a decrease in the amount of ($39,761.40).
Fund: 4311 - Airport/Industrial Park, Department 07411 - Airport Operations, Account: 3620040 - Lease-Maintenance, a decrease in the amount of ($388.92)
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 that the Board approve and authorize the Chairper...
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