MBS INTERNATIONAL AIRPORT COMMISSION
special meeting was held in the Airport Commission Board Room,
Present Absent & Excused Staff Other
Kenneth W. Distler () Hollis H. McKeag A. T. Lippert Jarrod Erpelding, Dow Corning
Darnell Earley Debbie Meisel Marty Willett, Dow Corning
Brian K. Elder () Rich Bostwick, NWA
PUBLIC COMMENT: None
The entire lease was included in the packet for the board’s review. Some of the highlights are:
· The term is 20 years with four five-year options.
· The lease rates are split into three areas:
- Hangar site $.61 per square foot
- Parking site $.20 per square foot
- Service ramp $.30 per square foot
- These rates are consistent with The Dow Chemical ground lease which is required to be in compliance with our FAA Grant Assurances.
· The lease should generate approximately $55,000 of additional revenue per year.
· Dow Corning will continue to occupy Hangar #4 throughout construction.
· MBS would pay to bring utilities to the lease line at a cost not to exceed $45,500. This is common for airport developments and will assist with any future hangar projects in the same area.
Mr. Nagel discussed this proposal with both the Operations Committee and the Finance Committee and both agreed that this development would be an asset to MBS. Both committees provided input on the lease terms and conditions. The Operations Committee asked Mr. Nagel to have the completed lease reviewed by an outside attorney. The letter of review was included in the packet for the board’s review. Bob Peckham also reviewed the site plan submitted by Dow Corning.
Mr. Nagel thanked the representatives from Dow Corning for their time and efforts with this process. After brief discussion, Mr. Beson made a motion to approve and authorize the Chairman to sign a ground lease for Dow Corning for the purpose of constructing a hangar, parking area, and service ramp. Ms. Jones-Ham seconded. Mr. Gwizdala asked for a roll call vote. Ms. Meisel called roll; Patrick Beson, yes; George Biltz, absent; Kenneth Distler, yes; Darnell Earley, yes; Brian Elder, yes; Eugene Gwizdala, yes; Wilmer Jones-Ham, yes; Jon Lynch, yes; Hollis McKeag, absent. Motion carried.
ADJOURNMENT: There being no further business, Mr. Beson made a motion to adjourn. Mr. Elder seconded and the Board unanimously passed the motion. The meeting adjourned at
Eugene F. Gwizdala, Secretary