Martin County

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File #: 22-0846   
Type: Consent Status: Agenda Ready
In control: Board of County Commissioners
On agenda: 5/17/2022 Final action:
Title: APPROVAL OF ASSIGNMENT OF LEASE AT MARTIN COUNTY AIRPORT/WITHAM FIELD FROM TRIUMPH AEROSTRUCTURES, LLC TO DAHER AEROSPACE INC.
Attachments: 1. Daher Consent and Estoppel.pdf
PLACEMENT: Consent
TITLE:
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APPROVAL OF ASSIGNMENT OF LEASE AT MARTIN COUNTY AIRPORT/WITHAM FIELD FROM TRIUMPH AEROSTRUCTURES, LLC TO DAHER AEROSPACE INC.
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EXECUTIVE SUMMARY:
executive summary
This agenda item concerns the approval of the assignment of lease at Martin County/Witham Field from Triumph Aerostructures, LLC to Daher Aerospace Inc.
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DEPARTMENT: Airport
PREPARED BY: Name: Sam Carver
Title: Airport Manager
REQUESTED BY: Airport

PRESET:
PROCEDURES: None

BACKGROUND/RELATED STRATEGIC GOAL:

This agenda item concerns the approval of the assignment of lease at Martin County/Witham Field (the "Airport") from Triumph Aerostructures, LLC ("Triumph") to Daher Aerospace Inc. ("Daher Aerospace").
Triumph has leased its premises from Martin County (the "County") since 2010 and has used the premises to manufacture aircraft structures. Triumph is the most recent assignee of what was the former Grumman leasehold, which began in 1994, and the premises has been used continuously for the manufacture of aircraft and/or aircraft structures. The lease expires on June 30, 2024 and there is no extension option.
The lease in Section 16.1 provides Triumph shall have the right to assign the leasehold subject to the County's written approval that shall not be unreasonably withheld, delayed, or conditioned. The lease further provides in considering whether to approve the assignment, the County may consider the financial stability of the assignee, the proposed use of the premises, and the economic impact on the local economy.
Triumph desires to assign its leasehold interest to Daher Aerospace, a Delaware corporation that is a wholly-owned subsidiary of Daher, a French corporation founded in 1863. The same family has owned Daher since its founding, and Daher's shares are not publicly traded.
Daher is an industrial conglomerate and its most recent revenues were approximately 1.1 Billion Euros or 1.156 Billion Dollars at the current exchange r...

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