Broward County Commission Regular Meeting

MOTION TO APPROVE Consent to Leasehold Mortgage by Broward County, Airside Fort Lauderdale, LLC, and ZB, N.A. d/b/a Amegy Bank, a national banking association, pursuant to the requirements of the Agreement of Lease between Broward County and Airside Fort Lauderdale, LLC; and authorize the Mayor and Clerk to execute same.

ACTION:  (T-10:33 AM)  Approved.
 
VOTE: 9-0.

The Agreement of Lease between Broward County and Airside Fort Lauderdale, LLC (“Airside”) requires Airside to obtain the prior approval of any leasehold mortgage from the Broward County Board of County Commissioners (“Board").

Allows Airside to mortgage its leasehold in order to finance the construction of a new aircraft hangar.

None.

THE AVIATION DEPARTMENT RECOMMEND APPROVAL OF THE ABOVE MOTION.

This motions approves a consent to leasehold mortgage to enable Airside to further develop the premises and construct a new aircraft hangar of approximately 29,000 square feet.

On June 12, 2018 (Item No. 72), the Board approved a new Agreement of Lease between Broward County and Airside ("Agreement"). The Agreement provided for additional land and term to allow Airside to further develop the premises and construct a new aircraft hangar of approximately 29,000 square feet.

The Agreement requires the proposed hangar development and its accompanying minimum capital investment requirement of $5,000,000 to be completed within two years of the effective date of the Agreement. The Agreement became effective on June 12, 2018.

The consent to mortgage has been reviewed as to form by the Office of the County Attorney.

Mark E. Gale, A.E., CEO/Director, Aviation Department, (954) 359-6199