REQUEST FOR CITY COUNCIL ACTION
DATE: 08/03/2022
TO: Honorable Mayor and City Council Members
FROM: Community Services Department
SUBJECT:
Title
Consent to Assignment of Airport Leases to Flight Ventures, LLC.
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EXECUTIVE SUMMARY:
Corona Executive Hangars is seeking City Council consent to an assignment of the lease agreements for Parcel IV and V to Flight Ventures, LLC. Per the Lease Section 14.01, consent to an assignment request shall not be unreasonably withheld by the City. Flight Ventures, LLC agrees to all lease obligations and is motivated to close the deal. Therefore, they have decided to assume responsibility and correct all deficiencies outlined in the consent agreement under Exhibit C.
RECOMMENDED ACTION:
Recommended action
That the City Council approve the Consent to Assignment and First Amendment to Lease Agreement between the City of Corona and Corona Executive Hangars for Parcels IV and V and recommend approval to the U. S. Army Corps of Engineers.
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BACKGROUND & HISTORY:
The City of Corona holds a Recreational Lease from the United States Army Corps of Engineers. Under this lease, the City has approximately 1600 acres used as open space, park areas, and the Corona Municipal Airport. The City currently has three (3) Master Lease Holders: 1) CW Transportation leases Parcel I, 2) Diamond Aero Corporation leases Parcel II and VI, and 3) Corona Executive Hangars leases Parcel III, IV, and V. The City holds Parcel VII to maintain a tie-down area for transient and long-term aircraft parking.
On August 17, 2011, the City of Corona and Corona Executive Hangars entered into a Lease Agreement for Parcel III, IV, and V. Parcel III is approximately 1.61 acres and has 48 hangars and two offices. Parcel IV is approximately 1.03 acres and has a free-standing building and 23 tie-downs. Parcel V is approximately 5.76 acres and has 50 hangars, eight (8) offices, and 14 tie-downs.
ANALYSIS:
Corona Executive Hangars (CEH) and Flight Vent...
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