PLACEMENT: Departmental
TITLE:
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SIXTH AMENDMENT TO THE COMMERCIAL LEASE WITH TRIUMPH AEROSTRUCTURES, LLC, REMOVING 1.57 ACRES KNOWN AS PARCEL C AT MARTIN COUNTY AIRPORT/WITHAM FIELD
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EXECUTIVE SUMMARY:
executive summary
This is a request for approval of a Sixth Amendment to the lease with Triumph Aerostructures, LLC, a Delaware limited liability company, for a partial turnback of approximately 1.57 acres of property known as Parcel C at Martin County Airport/Witham Field.
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DEPARTMENT: Public Works
PREPARED BY: Name: Carla T. Segura
Title: Real Property Manager
REQUESTED BY: Triumph Aerostructures, LLC and Martin County Airport/Witham Field.
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
1. Amendment prepared by: Martin County
2. Parties to the Agreement: Martin County (County)
Triumph Aerostructures, LLC (Tenant)
3. Purpose of the Document: Turn back approximately 1.57 acres (Parcel C)
4. New/Revised Document: New Amendment to Lease
5. Duration: No change in term of lease
6. Benefits to Martin County: Comply with FAA aeronautical requirements and add
space for a new tenant
7. Cost to Martin County: Decrease annual rent based upon pro-rata share of
leased property by $11,700.
Martin County entered into a lease with Grumman Aircraft Engineering (Grumman) at Martin County Airport/Witham Field in 1950. The lease was amended in 1963 to extend the term. Triumph Aerostructures, LLC (Tenant) became the successor-in-interest to the lease. The lease expires on June 30, 2024.
Originally Tenant leased approximately 63.4 acres, and in 2015, Tenant turned back 17.97 acres to the County as duly approved by the Board.
After the turnback, Tenant retained approximately 35 acres to the north of SE Airport Road, designated for aeronautical use by Federal Aviation Administration (FAA), and about 9 acres of vacant land, designated non-aeronautical use by the FAA for future opport...
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