On June 30, 2004, Spinks Air Associates, LLC, (Spinks Air) entered into an unimproved Ground Lease with mandatory improvements with the City (City Secretary Contract (CSC) No. 30198) (the Master Ground Lease) by Mayor and Council Communication (M&C L-13765), for Lease Site 7E, 8E, and 9E, at Fort Worth Spinks Airport. On or about January 1, 2016, Spinks Air entered into Hangar Lease Agreement (Sublease) with Robert Schulko. Under the sublease Agreement, Robert Schulko was given the exclusive right to occupy and use of T-Hangar units #33, #34, and #35, which are comprised of approximately 1,650 square feet for unit #33, approximately 1,698 square feet for unit #34, and approximately 858 square feet for unit #35. The term of the Sublease Agreement expires December 31, 2022. Mr. Darrell Clendenen, manager of Spinks Air, subsequently approached the City expressing his desire to terminate the Master Ground Lease Agreement. Mr. Clendenen asked if the City would be interested in purchasing the leasehold interests in these properties. Recognizing the good condition and value that the hangar facilities possess, the Aviation Department had the leasehold interests appraised to determine the appropriate value. Based on the appraised value, the Aviation Department and Mr. Clendenen agreed on a purchase price of $4,400,000.00 for all three of the aforementioned leasehold interests.
On December 6, 2016, (M&C C-28022) City Council approved Termination Agreements, CSC No. 34065-T1, CSC No. 36733-T1, and CSC No. 30198-T1, with Spinks Air, effective January 31, 2017. Upon termination of Ground Lease Agreement CSC No. 30198, the City agreed to enter into a Hangar Sublease Estoppel, Non-Disturbance, and Assignment Agreement with Robert Schulko, for T-Hangar units #33, #34, and #35. The effective date of this Agreement is February 1, 2017 and expires December 31, 2022. The total revenue received from this Non-Disturbance Agreement will be approximately $11,100.00 annually or $925.00 per month. These revenues are based on a bundled T-Hangar rate of $925.00 per month for all three units, per the Master Lease Agreement. T-Hangar rates will be added to the Aviation Department's Schedule of Rates and Charges, for Spinks Airport, effective October 1, 2017. Rental rates shall be subject to an increase on October 1 of any given year, based on the upward percentage change in the Consumer Price Index for the Dallas-Fort Worth Metropolitan area. At no time will the adjusted rate exceed the rate that is current in the Schedule of Rates and Charges. Five-year rate adjustments will apply for the ground rate starting on October 1, 2017 and every fifth year thereafter. Fort Worth Spinks Airport is located in COUNCIL DISTRICT 6. This M&C does not request approval of a contract with a business entity. |