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Board approves $27,000 buyout of hangar term to return rental revenue to county
Summary
County staff requested and the board unanimously approved a $27,000 transfer to buy out the remaining term of an existing hangar agreement with D.E.S. Properties LLC, allowing county ownership to charge market rent and consolidate airport hangar revenue as court FAA and state grant encumbrances allow.
Andy Wade, the county’s director of economic development, asked the board on Sept. 2 to approve a $27,000 transfer to buy out the remaining term of an agreement between the Industrial Development Authority and D.E.S. Properties LLC for a hangar at the Louisa County Airport.
Wade told the board that the IDA historically allowed private parties to build hangars on airport property…
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