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Council approves ground lease with Executive Hangars of Lincoln for new airport hangars
Summary
City council authorized the city manager to execute a ground lease with Executive Hangars of Lincoln LLC for construction of 68 hangars at Lincoln Regional Airport; the privately financed project is expected to increase fuel sales and add roughly 30% more hangar capacity.
City Manager Sean presented a proposal authorizing the city manager to enter into an airport ground lease agreement with Executive Hangars of Lincoln LLC, a veteran‑owned company, to allow private construction, operation and management of new hangars at Lincoln Regional Airport.
The lease covers private development of 48 T‑style hangars and 20 larger 50-by-60 box hangars. City staff said the project would expand the airport—s hangar portfolio by roughly 30 percent and is expected to drive additional fuel sales. “What you have in front of you is a lease, an agreement, with Executive Hangers of Lincoln, a veteran owned company that is, seeking to sort of effectuate, an award of an RFP that occurred in the fall of 20 23 for the construction, operation and management of privately owned aircraft hangars at the at our airport,” City Manager Sean said.
City staff described the business model as city ground lease revenue plus increased fuel sales from greater tenancy. City staff member Nida said the lease term is 40 years with an…
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