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Consent to Mortgage of Leasehold Interest With Capital City Bank and ICTC Properties, LLC f/k/a Interconnect Cable Technologies Properties, LLC, for Leasehold Improvements Located at 16090 Flight Path Drive at Brooksville-Tampa Bay Regional Airport
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BRIEF OVERVIEW
Capital City Bank is in the process of funding a mortgage loan to ICTC Properties, LLC (formerly Interconnect Cable Technologies Properties, LLC) (Lessee) and wishes to be assured of the lease status and that it can assume and make payments to Lessor (Hernando County) in the unlikely event of default by the Lessee.
FINANCIAL IMPACT
The Airport’s revenue will not be impacted.
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 Chairperson’s signature on the attached Consent to Mortgage of Leasehold Interest.