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Council denies 50-year ground-lease proposal for Addison Airport parcel after calls for master plan review
Summary
After public comment from a longtime airport tenant and a two-year RFQ process, council declined a proposed 50-year ground lease with Thrust Properties for a 2.34-acre Addison Airport parcel, asking staff to consider restarting the procurement or wait for the airport master plan.
City staff presented a ground-lease proposal from Thrust Properties LLC to redevelop about 2.34 acres at Addison Airport with a 15,000-square-foot hangar and a 10,000-square-foot flight-training/support facility. Jamie (airport staff) said the minimum construction value was estimated at $10 million and that the base rent would be $82,705 per year (subject to CPI adjustments), with a 50-year lease term commencing on substantial completion or a specified date.
Don Rickerhauser, CEO of Millionaire Dallas (an established FBO at Addison Airport), urged council to complete the airport master plan before…
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