REQUEST FOR CITY COUNCIL ACTION
DATE: 10/06/2021
TO: Honorable Mayor and City Council Members
FROM: Utilities Department
SUBJECT:
Title
Consent to Assignment and First Amendment to the Lease Agreement between the City of Corona and Corona Air Ventures, LLC for Parcel I at the Corona Municipal Airport.
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EXECUTIVE SUMMARY:
Corona Air Ventures is a Master Sub-lease holder of Parcel I at the Corona Municipal Airport. It requested permission to assign its interests, rights, and obligations under the Master Sub-lease Agreement with the City for Parcel I to CW Transportation, LLC. The Consent to Assignment and First Amendment of the lease for Parcel I at the Corona Municipal Airport with Corona Air Ventures LLC. will transfer all rights and obligations of the lease from Corona Air Ventures to CW Transportation LLC.
RECOMMENDED ACTION:
Recommended action
That the City Council approve the Consent to Assignment and First Amendment to the Lease Agreement between the City of Corona and Corona Air Ventures, LLC for Parcel I at the Corona Municipal Airport and recommend such approval to the United States Army Corps of Engineers.
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BACKGROUND & HISTORY:
The City of Corona holds a Recreational Lease with the Army Corps of Engineers (ACOE) for the acreage that makes up the Corona Municipal Airport. The total leasable space consists of hangars, offices, buildings, tie-downs, and a fueling station. The leasable space (the hangers, buildings, and tie-downs) was subsequently apportioned into seven separate parcels; the City held one, and the City subleased out the other six to three Master Sub-lease Holders.
On January 7, 2004, Corona Air Ventures entered into a Lease Agreement with the City of Corona for Parcel I at the Corona Municipal Airport. Parcel I at the Airport comprises approximately 8.8 acres, has 9 hangar buildings consisting of 60 hangars, 1 Office, 85 outside airplane tie-downs, and the only Fueling Station on the airport.
The City's Ma...
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