Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City committee reviews 50-year ground lease for Hangar 5 at New Bedford Airport
Summary
The Committee on Finance on Wednesday reviewed a proposed ground lease between the New Bedford Airport Commission and the trustees of the 5 Hangar Trust to construct a new Hangar 5 at New Bedford Regional Airport and voted to refer the matter to the full City Council for approval.
The Committee on Finance on Wednesday reviewed a proposed ground lease between the New Bedford Airport Commission and the trustees of the 5 Hangar Trust to construct a new Hangar 5 at New Bedford Regional Airport and voted to refer the matter to the full City Council for approval.
The lease covers about 28,160 square feet of airport property and is structured as a ground lease in which the tenant owns the building and the city retains the land. Scott Service of the airport team said the deal is “a 50 year lease, 5 year primary term, 9, renewals,” and that the parties currently rely on a 2020 aviation appraisal that set the ground rent at $0.32 per square foot.
Why it matters: committee members pressed the airport for details on monthly and annual rent, temporary abatements during construction, five‑year rent adjustments and contractual language that would allow the airport to retake property if…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
