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Bridgeport approves two 25‑year airport ground-lease renewals, including transfer to Mike and Jan Burton
Summary
The council approved two airport ground-lease actions: a new lease in the name of PLAC Holdings LLC for Hangar 394-3-13 and its transfer to Mike and Jan Burton, and a renewal for Hangar 432-1-23 for Bridal Ritchie; both new leases are 25-year extensions with a market-rate review in five years.
BRIDGEPORT, Texas — The Bridgeport City Council on July 14 approved two airport ground-lease actions affecting privately owned hangars on city property: a new ground lease for Hangar 394-3-13 in the name of PLAC Holdings LLC with a planned transfer to Mike and Jan Burton, and a new lease for Hangar 432-1-23 in the name of Bridal Ritchie.
Mike, speaking to council about the hangar items, said many existing ground leases are reaching or have reached their 30‑year terms and owners are seeking extensions or transfers. He described the proposal as a 25‑year extension with a market-price review to occur in five years. The city’s current older rate is 6¢ per square foot; staff said the going rate for new leases has been 14¢ per square foot and that the council will re-evaluate market rates at the five-year review.
Councilmember Preston Brown moved to approve the lease and transfer for Hangar 394-3-13; Sylvia Ramirez seconded the motion. The council approved that motion on a 5-0 vote. The council subsequently approved the lease for Hangar 432-1-23 with the same general terms by a 5-0 vote after a motion by Sylvia Ramirez and second by Preston Brown.
Staff noted that final paperwork for the transfers and new leases will be prepared and executed following council’s conceptual approval; Rob (staff) will assist in finalizing documents. Councilmembers discussed that market adjustments will be revisited in five years and confirmed the 25-year term is the proposed extension.
