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Airport board approves five-year extension for corporate hangar lease
Summary
The Indianapolis Airport Authority approved a five-year extension and rental increase for the land and building lease with Hanger LLC for a corporate hangar in the Corporate Village.
The Indianapolis Airport Authority approved a first amendment to the land and building lease with Hanger LLC that extends the lease term five years, through May 31, 2030, with one 15-year renewal option, and increases the annual rent.
Marshall Burkser presented the amendment, describing the corporate hangar—originally constructed in 1990 and later assigned to Hanger LLC in 2003—and the requested term extension. Under the approved amendment the annual rent will increase from $162,000 to $199,535 for the initial five-year term, with the renewal term subject to a consumer price index adjustment.
The board moved and seconded the amendment and completed a roll-call vote that the chair reported as unanimous approval.
The amendment formalizes the rental and term changes for the hangar in the airport's Corporate Village. The board did not attach additional conditions beyond the rental schedule and renewal indexing described in the amendment.
