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TO: Mayor Richard C. Irvin
FROM: Steve Andras, P.E., Interim Airport Manager
DATE: February 6, 2019
SUBJECT:
An Ordinance Authorizing the Execution of a Land Lease Agreement for real estate at the Aurora Municipal Airport between the City of Aurora and Highgate Aviation, Inc.1929 Annettes Circle, Sugar Grove, IL 60554.
PURPOSE:
To obtain City Council approval of a termination of an existing land lease and the approval of a new land lease at the Aurora Municipal Airport located at 43W518 U.S Route 30.
BACKGROUND:
This hangar is currently owned by BNB Limited Liability Company and is being sold to Highgate Aviation, Inc.
The buyer intends to house their two aircraft in this hangar. They do not intend to operate any business at this location.
DISCUSSION:
In accordance with our Federal Grant Assurances, we are required to treat all tenants and businesses uniformly and fairly.
The proposed lease rate of $0.43235 per square foot is consistent with the most recent Council-approved land lease with ALB Properties approved under ordinance O18-087. This rate will increase by 3.0% per year beginning December 1, 2019.
IMPACT STATEMENT:
This agreement will have no negative impact to the City and will occupy an otherwise empty privately owned hangar.
RECOMMENDATIONS:
Please forward this item to the Finance Committee for their review and recommendation.
cc: Finance Committee
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
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An Ordinance Authorizing the Termination of an Existing Land Lease with BNB Limited Liability Company and the Execution of a New Lease of Real Estate Agreement between the City of Aurora and Highgate Aviation, Inc. for Lease of Real Estate at the Aurora Municipal Airport.
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WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject ...
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