Ambassador Aviation, Ltd. and DalExec, L.L.C. Love Field At Dallas Executive Airport. Economic Development Committee
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2 Purpose Ambassador Aviation, Ltd. and DalExec, L.L.C. Review Proposed Two Leases Lease with TXI Amendment Aviation I, L.L.C. at Love Field At Dallas Executive Airport Original 1986 lease Second 2007 Briefing lease to the Council Economic Development Committee Review Proposed Amendments to Both Leases to add space for growth Department of Aviation May 19,
3 Purpose Review existing Ambassador Aviation, Ltd. and DalExec, L.L.C. Lease at Executive Airport Review Proposed Lease Amendment 2 2
4 AMBASSADOR AVIATION, LTD. and TXI AVIATION DALEXEC, L.L.C. I, L.L.C. 3 35
5 Existing Lease Ambassador Aviation, Ltd. and DalExec, L.L.C. One of three Fixed Base Operators at Executive Airport offering aeronautical services to private/corporate aircraft operators Existing lease effective April 1, 2000 Original Lessee Dallas Aircraft Services, Inc. 30 year primary term, plus one ten-year option (expire in 2040) 142,212 square feet of unimproved land 604,042 square feet of hangars, fuel facility, and aircraft ramp Include periodic expenditure obligation of $3.5 million on new facilities and $400,000 on maintenance requirements Lease assigned to Ambassador Air, Ltd. (now Ambassador Aviation, Ltd.) and DalExec, L.L.C. ( Ambassador ) on November 11, Ambassador has already met all but $200,000 of its capital obligation. 4 4
6 Proposed Lease Amendment Ambassador to invest an additional $1 million in new hangar facilities within 10 years from the effective date of the lease amendment (total capital commitment increased from original $3.5M to $4.5M). Extend expiration date of lease primary term by 8 years to 2038 at the currently existing annual rent of $120,454. Delete existing rent escalators scheduled in years 2026 and Add rent escalations to occur in 2038 (commencement of option period). Rent on existing T-hangars the lesser of prevailing rates or $1.00/sf. Rent on other facilities existing prior to lease amendment to lesser of prevailing rates or $2.30/sf. Rent on all facilities constructed after the lease amendment to prevailing rates. Grant option to lease additional 12,000+/- SF of space when available, currently leased to American Telecom Network, expires May 31,
7 Economic Development Incentive Ambassador to perform the following improvements at Ambassador s cost: Est. Cost 1. Reconstruct Saturn Drive, and convert into a taxilane $628.00K 2. Demolish T-hangar Rows 1 and K 3. Loop water main serving Ambassador s Big Box hangar K Total $969.78K City to provide a Chapter 380 Grant to Ambassador in the amount of $750K to offset above cost, provided: Ambassador shall also complete construction of at least 2 additional hangars at an investment equivalent to the $750K grant. These 2 new hangars are tied to the grant, not the lease amendment, and are in addition to Ambassador s commitment to expend $1M on new hangars within 10 years under the lease amendment. All construction of above infrastructure improvements and the 2 new hangars above shall be completed to City standards, inspection and approval within 3 years. 6 6
8 Option to Lease 12,000 SF when available - currently Leased to American Telecom Network TXI AVIATION I, L.L.C. AMBASSADOR AVIATION, LTD. New Airport Terminal Demolish T-hangar Row Demolish T-hangar Row 2 6 Reconstruct Saturn Dr. into Aircraft Taxilane Big Box Hangar Loop Water Main 7 7 5
9 Recommendation Staff recommends approval of the Ambassador lease amendment and economic development incentive. Lease term extension and escalation restructuring, in exchange for new $1M hangar commitment, and; Chapter 380 grant of $750K, in exchange for 2 additional hangars of equal value AND infrastructure improvements estimated at $970K. supports the City s goal of creating private economic development activity in the southern sector. increases economic development activity at the airport. create more opportunities for the traveling public who use the City s airport amenities. NEXT STEPS May 28, Seek Council s approval 8 8
10 QUESTIONS AND ANSWERS 9 9
11 Appendix Ambassador Lease Details Executive Airport Leases Use Primary Term Lease Effective Date Rent Escalations Options 10 10
12 Ambassador Aviation, Ltd. and DalExec, L.L.C Lease Details Original 30-year Primary Term commenced on April 1, 2000 will expire on March 31, 2030, plus, one 10-year option to extend lease through March 31, 2040 (at Ambassador s option) Ground rent only through first 25 years of Primary Term: 36,742 $.17/sf/yr Impvd. Grnd. = $ 6, ,087 $.17/sf/yr Hgr./Off. Space = $ 3, ,185 $.17/sf/yr Fuel Facility = $ ,456 $.17/sf/yr Impvd. Grnd. = $ 1, ,494 $.17/sf/yr Hgr./Off. Space = $ 26, ,258 $.17/sf/yr Impvd. Grnd. = $ 58, ,060 $.17/sf/yr Hgr. Space = $ ,500 $.17/sf/yr Off. Space = $ ,300 $.17/sf/yr Off. Space = $ ,960 $.17/sf/yr Hgr./Off. Space = $ 1, ,000 $.13/sf/yr Hgr. Big Box = $ 2, ,200 $.13/sf/yr Off. Space = $ ,012 $.13/sf/yr Unimpvd. Grnd. = $ 17, TOTAL 746,254 SF $ 120,
13 Ambassador Aviation, Ltd. and DalExec, L.L.C. Lease Details (continued) Existing Rent Escalations In Lease Year 26 (2026) rent on improvements, shall be adjusted to 70% of comparable average rental rates for similar facilities of privately managed or city managed facilities, whichever is greater, at Arlington Airport, Grand Prairie Airport, Lancaster Airport, and Mesquite Airport. Commencing the option period (2030) ground rent shall be adjusted to prevailing rental rates at Dallas Executive Airport and rent on improvements, shall be adjusted to 70% of comparable average rental rates for similar facilities of privately managed or city managed facilities, whichever is greater, at Arlington Airport, Grand Prairie Airport, Lancaster Airport, and Mesquite Airport, provided the annual ground rental rate shall not be less than $.17 per square foot for improved land and $.13 per square foot for unimproved land Capital Improvements Obligations $3.5 million approximately $3.3 million has already been expended Maintenance Obligations $400,000 has already been expended 12 12
14 DALLAS EXECUTIVE AIRPORT LEASES 19-May-08 SORTED BY LESSEE AVIATION PRIMARY LEASE *RENT OPTIONS USE TERM EFFECTIVE ESCALATORS YRS. YRS. DATE Y or N Dallas Police Dept. (Helicopter) Yes 20 6/1/1973 Y, 11 2/10 & 1/1 Ivy - Two West Hills, L.P. No 40 5/4/1978 Y, 3 1/10 & 2/20 Ivy Realty Trust No 40 2/24/1984 Y, 4 1/10 & 2/20 Indus Aviation, Inc. Yes 30 2/9/1990 Y, 1 2/5 J. G. Moore & Co. Yes 30 2/9/1990 Y, 8 2/5 William P. Denton Yes 30 2/9/1990 Y, 8 2/5 Texas National Guard & Armory No 51 10/1/1990 N none Akridge Aircraft Interiors, Inc. Yes 20 4/1/2000 Y, 10 2/5 Ambassador Aviation, Ltd. Yes 30 4/1/2000 Y, 5 1/10 Club Air, Inc. Yes 30 4/1/2000 Y, 6 2/5 JC Aviation Investments, Inc. Yes 30 4/1/2000 Y, 1 2/5 IndusAviation, Inc. Yes 30 5/1/2000 Y, 8 2/5 JC Aviation Investments, Inc. Yes 30 5/1/2000 Y, 9 2/5 American Telecom Network No 5 6/1/2000 Y, 9 5/1 Cutter Aviation Dallas, Inc. Yes 30 10/1/2001 Y, 7 1/10 *See Legend Page
15 DALLAS EXECUTIVE AIRPORT LEASES 19-May-08 SORTED BY LESSEE AVIATION PRIMARY LEASE *RENT OPTIONS USE TERM EFFECTIVE ESCALATORS YRS. YRS. DATE Y or N JC Aviation Investments, Inc. Yes 30 1/1/2002 Y, 9 2/5 CDBDC No 40 4/23/2002 Y, 1 none Trace Air, Inc Yes 30 12/23/2002 Y, 9 2/5 JC Aviation Investments, Inc. Yes 30 7/20/2003 Y, 9 2/5 JC Aviation Investments, Inc. Yes 30 7/20/2003 Y, 9 2/5 Jet Center of Dallas, Inc. Yes 20 1/1/2004 Y, 1 2/10 JC Aviation Investments, Inc. Yes 30 10/1/2004 Y, 1 2/5 Cutter Aviation Dallas, Inc. Yes 30 9/1/2005 Y, 2 2/5 TOTAL 51 YEAR LEASES 1 TOTAL 40 YEAR LEASES 3 TOTAL 30 YEAR LEASES 15 TOTAL 20 YEAR LEASES 3 TOTAL 5 YEAR LEASES 1 TOTAL LEASES 23 *See Legend Page
16 DALLAS EXECUTIVE AIRPORT LEASES 19-May-08 LEGEND *Rent Escalators: 1. Commencing the fourth year of the lease and every three years thereafter, rent rates increase to reflect the cumulative increases, if any, in the CPI (Consumer Price Index) during the immediately preceding three year period, not to exceed 12%. Then, at the option period, if any, rates for land and improvements escalate to prevailing rates. 2. Commencing the fourth year of the lease and every three years thereafter, rent rates increase to reflect the greater of i) 3% or ii) the cumulative increases, if any, in the CPI during the immediately preceding three year period, not to exceed 12%. Then, at the option period, if any, rates for land and improvements escalate to prevailing rates. 3. Second 25 years of lease ground rent shall be 9% of appraised fair market value. Third 25 year of lease ground rent shall be 9% of appraised fair market value. Last 15 years of lease ground rent shall be 9% of appraised fair market value. 4. Second 25 years of lease ground rent shall be 10% of appraised fair market value. Third 25 year of lease ground rent shall be 10% of appraised fair market value. 5. Beginning the 26th year of the lease, rent on improvements only shall be adjusted to 70% of comparable average rental rates for similar facilities or privately managed or city managed facilities, whichever is greater, at Arlington Airport, Grand Prairie Airport, Lancaster Airport, and Mesquite Airport. Then, at the option period, rates for land and improvements escalate to prevailing rates. 6. Predetermined rent rate increases, periodically, throughout life of lease. 7. Commencing upon exercise of the option period and every three years thereafter, rent rates increase to reflect the cumulative increases, if any, in the CPI (Consumer Price Index) during the immediately preceding three year period, not to exceed 12%. 8. Commencing the fourth year of the lease and every three years thereafter, rent rates may be adjusted to prevailing rental rates, not to exceed 12%. Then, at the option period, rates for land and improvements escalate to prevailing rates 9. Commencing the option period, rent on land and improvements will escalate to prevailing rates. 10. Commencing upon exercise of the option period and every three years thereafter, land and improvement rent rates increase to prevailing rental rates, not to exceed 12%. 11. Final ten year option, rent escalates to prevailing rates for land and improvements
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