25-1970A
Authorize the Eighth Amendment to the Lease of Land and Facilities with MLT Development Co. to (1) reduce the leased premises by approximately 16,576 square feet (0.38 acres) for the purpose of constructing a new airport vehicle access road, Estimated Revenue Foregone: Aviation Fund $263,454.07, (2) add approximately 102,315 square feet (2.35 acres) of land improved with an approximately 14,938 square-foot building to the leased premises and increase the rent accordingly - Estimated Revenue: Aviation Fund $5,786,010.53; and (3) increase the rent accordingly, and grant MLT an additional twenty four months in which to expend $5,000,000.00 for capital improvements to the leased premises - Estimated Net Revenue: Aviation Fund $5,522,556.46
- Committee
- Department of Aviation
- Requested by
- Department of Aviation (AVI)
- Introduced
- May 29, 2025
- On agenda
- June 25, 2025
- Enactment no.
- 25-1029; CORRECTED; APPROVED
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