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Lanett reviews proposed 40-year airport ground lease and hangar development terms
Summary
Airport Manager Craig Stapleton told the council a proposed update to a 2022 ground-lease would include a 40-year term and a ".40 cent per square foot" fee as recorded; he estimated construction would take 12'18 months. Attorney Stanley Gray cautioned a $1,000,000 liability policy "may not go very far," and the council discussed that the 2022 document had been a model form.
Airport Manager Craig Stapleton presented proposed changes to the airport's 2022 ground-lease, telling the council he proposes a new 40-year term and a fee recorded in the minutes as ".40 cent per square foot." Stapleton estimated the construction timetable at about 12 to 18 months.
Councilmember Lynn asked about the construction timeframe. Attorney Stanley Gray cautioned the council that a $1,000,000 liability policy "may not go very far" in some cases and noted the previously passed 2022 lease had served more as a model.
Councilmembers also discussed a Letter of Intent for hangar development. The minutes say the prior council had approved a non-binding box-hangar agreement rather than a ground lease; the current proposal is described as a ground-lease form. The council did not record a formal vote on the ground-lease terms during the work session; further negotiation and review were implied.
The record does not clarify the numeric notation of the fee beyond the phrase recorded in the minutes; the council did not adopt final lease terms at this meeting.
