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Council OKs assignment of Stillwater Flight Center leases as WW Aviation acquires business
Summary
Council consented to assignment and collateral assignment of four airport lease agreements to accommodate WW Aviation LLC’s acquisition of Stillwater Flight Center; related resolutions were adopted 4–0.
Staff told the council that WW Aviation LLC is acquiring 100% ownership of Stillwater Flight Center and that several existing lease agreements will be assigned to a new entity, Stillwater Flight Center LLC. "These resolutions would provide the required consent for a proposed change in the controlling ownership of Stillwater Flight Center," staff said, explaining that the assignments and any leasehold mortgage require prior written consent under the lease terms.
The package included authorization for assignment of a T‑Hangar lease, a ground lease (dated 07/09/2007), a building lease for Hangar 2 (dated 07/06/2020), and a terminal building lease and land lease agreement (dated 04/02/2018). Council approved each resolution to consent to the assignments and related documents on a recorded 4–0 vote.
