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Finance committee consents to TD Hangar leasehold mortgage at Aurora Airport
Summary
The committee authorized the city treasurer to consent to a mortgage of TD Hangar LLC's leasehold interest at Aurora Municipal Airport to allow the tenant to finance hangar construction with Old Second Bank.
The Aurora City Finance Committee on Sept. 25 authorized the city treasurer to consent to the mortgage of TD Hangar LLC’s leasehold interest at the Aurora Municipal Airport, allowing the tenant to use the leasehold as collateral in financing construction of a new hangar.
Patrick Collins, assistant corporation counsel, described the item as a standard consent that acknowledges the city’s ownership of airport property and permits a lender to take a mortgage interest in the tenant’s leasehold. Dave Veil, corporate secretary for TD Hangar LLC, told the committee he oversees the project and that the mortgage is with Old Second Bank.
The committee approved the consent by unanimous vote.
