Agenda Item Description
Authorize (1) the termination of that certain lease of land and facilities at Dallas Love Field between the City of Dallas and Associated Air Center, Inc., dated July 11, 1984, as amended and assigned to Regal Assets, LLC, and upon termination of the lease, approximately 408,962 square feet of land and existing facilities shall be annexed into a new Consolidated Lease of Land and Facilities with Regal Assets, LLC; (2) the termination of that certain lease of land and facilities at Dallas Love Field between the City of Dallas and Associated Air Center, Inc. dated April 1, 1994, as assigned to Regal Assets, LLC, and upon termination of the lease, approximately 683,311 square feet of land and existing facilities shall be annexed into a new Consolidated Lease of Land and Facilities with Regal Assets, LLC - Estimated Revenue Foregone: $7,230,158.80; and (3) a new Consolidated Lease of Land and Facilities with Regal Assets, LLC, for approximately 1,092,273 square feet of land and existing improvements annexed from the two existing leases for a term of thirty years with two five-year renewal options and a capital investment obligation of $5,000,000.00 to be expended within the first thirty-six months after execution of the lease - Estimated Revenue: $97,744,973.83 (during the primary term of the new consolidated lease)