HomeMy WebLinkAbout224-26 RESOLUTION
Page 1
113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Resolution: 224-26
File Number: 2026-3477
A RESOLUTION TO AMEND THE LEASE AGREEMENT WITH OSM AVIATION ACADEMY ARK LLC
TO ADD APPROXIMATELY 1,128 SQUARE FEET OF OFFICE SPACE IN THE AIRPORT TERMINAL
BUILDING
WHEREAS, on March 17, 2026, the City Council passed Resolution 79-26 authorizing a five-year lease agreement
with OSM Aviation Academy Ark, LLC who anticipated launching its FAA Part 141 airline pilot training program
during the second quarter of 2026 while expanding its fleet and student enrollment over time; and
WHEREAS, as OSM prepared construction plans for its leased terminal space, adjoining space became available; and
WHEREAS, OSM has elected to exercise its right of first refusal for additional terminal office space directly adjacent
to its leased premises which will allow for a 1,128 square foot expansion.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby authorizes Mayor Rawn to sign an
amended lease agreement with OSM Aviation for an expansion of 1,128 square feet in the terminal building for the
additional amount of $1,410 per month.
PASSED and APPROVED on October 20, 2026
Approved:
_______________________________
Molly Rawn, Mayor
Attest:
_______________________________
Kara Paxton, City Clerk Treasurer
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Mailing address:
113 W. Mountain Street
Fayetteville, AR 72701
www.fayetteville-ar.gov
CITY COUNCIL MEMO
2026-3477
MEETING OF OCTOBER 20, 2026
TO: Mayor Rawn and City Council
THROUGH: Jennifer Walker, Chief of Staff
FROM: Chris Brown, Public Works Director
SUBJECT: OSM Aviation Academy Lease Amendment
RECOMMENDATION:
Staff recommends approval of a Resolution authorizing Mayor Rawn to sign an amended lease agreement with
OSM Aviation Academy Ark LLC to add approximately 1,128 square feet of office space in the Airport Terminal
Building at Drake Field for additional rent of $1,410 per month, and to move the annual rent adjustment date to
October 1.
BACKGROUND:
On March 17, 2026, the City Council approved Resolution 79-26, authorizing a five-year lease agreement with
OSM Aviation Academy. At that time, OSM anticipated launching its FAA Part 141 airline pilot training program
during the second quarter of 2026 and expanding its fleet and student enrollment over time.
Federal Certifications
Part 141 is the FAA certification for pilot schools that teach FAA-approved courses. OSM initially expected to
operate the Fayetteville campus as a satellite base under the FAA Part 141 Pilot School Certificate held by its
Florida operation, a process estimated to take four to eight weeks. During coordination with the FAA, OSM
learned that the company's existing Air Agency Certificate and Training Specifications could not be extended to
Fayetteville. OSM must therefore complete a separate Part 141 certification for this location, including FAA
approval of its Training Course Outlines and inspection of its facilities, equipment, aircraft, and personnel. The
application is in the FAA's queue, which presently carries a very extensive wait before consideration.
Separately, OSM is working with the U.S. Department of Homeland Security to obtain Student and Exchange
Visitor Program (SEVP) certification, which allows a school to issue the Form I-20 that international students
need to apply for an F-1 or M-1 student visa. This is a multi-step federal review involving supporting
documentation, fees, a DHS site visit, formal adjudication, and potentially a Request for Evidence, and DHS
does not provide a firm completion date. Because SEVP certification cannot be completed until the FAA
certification is in place, the FAA timeline carries forward into the DHS timeline. International students are
expected to represent a large share of OSM's enrollment, so this approval is essential to the campus reaching
the scale described in March.
Revised Launch Plan
While the federal reviews proceed, OSM will begin operations with Part 61 pilot training, open first to
Fayetteville residents. Part 61 permits flight training to be conducted independently of a separate Part 141
school certificate and allows the Fayetteville operation to begin building activity while the federal approvals are
being processed. The March plan had Arkansas-based students beginning in June 2027, so domestic students
and local residents gain access to training sooner than anticipated. OSM has hired several full-time employees
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Mailing address:
113 W. Mountain Street
Fayetteville, AR 72701
www.fayetteville-ar.gov
for the Fayetteville campus and has posted additional job listings.
Revenue Under the Original Lease
The original lease agreement is already generating revenue for Drake Field. Hangar rent for Corporate Hangar
4578 has been billed at $1,900 per month since the lease commenced and totals approximately $11,400 to
date.
DISCUSSION:
Why the Additional Space Matters
As OSM prepared construction plans for its leased terminal space, the company learned that adjoining space
may soon become available. The original lease provides OSM with a right of first refusal, meaning the first
chance to lease, for additional terminal office space directly adjacent to its premises. Rather than complete the
initial build-out and undertake a second construction project later, OSM elected to exercise this right and
request an additional 1,128 square feet.
The proposed expansion would provide OSM with approximately 4,154 square feet of contiguous space inside
the terminal building. The additional space would allow the academy to relocate its flight simulators indoors
rather than housing them in a hangar, expand its classroom capacity, and create a more functional layout for
students, instructors, and staff.
Construction Sequencing
Because the opportunity to expand OSM’s terminal space arose before construction began, the academy was
able to redesign the full build-out before completing the original suite. This avoids constructing the initial space
and then modifying it again in the near future to incorporate the additional area.
OSM has coordinated with a local construction firm that is prepared to begin the interior build-out following City
Council action on the amended lease agreement. This timing will allow construction across the entire leased
space to proceed as a single, coordinated project.
Rent on the Additional Space
Under the amended agreement, OSM will begin paying rent for the 1,128 square feet of additional space (Suite
E) immediately at a rate of $15 per square foot per year. This equates to a base rent of $1,410 per month, or
$16,920 per year.
Under the amended agreement, the City will continue to credit $3,782.50 each month against rent on the
original space (Suite O) until the total credits equal the cost of OSM's improvements approved by the Airport
Director.
Airport Director approved improvement costs for work in both Suite O and Suite E will count toward that total.
Once the full approved cost has been credited, OSM will pay the full terminal base rent of $5,192.50 per month
for the combined 4,154 square feet. Until then, OSM will pay $1,410.00 per month for Suite E and $1,900 per
month for Corporate Hangar 4578.
Summary of Changes to the Lease Agreement
The leased premises expand from approximately 3,026 square feet of office space in Suite O to approximately
4,154 square feet across Suite O and Suite E. Corporate Hangar 4578 is unchanged. OSM retains its right of
first refusal on any additional Terminal Building office space that directly abuts its leased space, and Exhibit A
is updated to reflect the combined premises.
The annual 3 percent rent escalation remains in place, but the adjustment date moves from the anniversary of
the agreement to October 1, beginning in 2027. This places both the hangar and terminal rent on one annual
adjustment date and simplifies the Airport's administration of the lease. The first escalation under the amended
agreement will occur on October 1, 2027.
BUDGET/STAFF IMPACT:
The amended lease agreement will generate additional revenue for Drake Field without a capital expense to
the City. Rent for Suite E will begin at commencement at $1,410.00 per month, or $16,920 per year before
escalation. Assuming an October 2026 commencement, Suite E would generate approximately $79,500 over
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Mailing address:
113 W. Mountain Street
Fayetteville, AR 72701
www.fayetteville-ar.gov
the remainder of the initial term, including the 3 percent annual escalations.
ATTACHMENTS: 3. Staff Review Form, 4. OSM Amended Lease with Exhibit A, 5. RESOLUTION 79-26 AND
LEASE
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City of Fayetteville, Arkansas
Legislation Text
113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
File #: 2026-3477
A RESOLUTION TO AMEND THE LEASE AGREEMENT WITH OSM AVIATION
ACADEMY ARK LLC TO ADD APPROXIMATELY 1,128 SQUARE FEET OF OFFICE
SPACE IN THE AIRPORT TERMINAL BUILDING
WHEREAS, on March 17, 2026, the City Council passed Resolution 79-26 authorizing a five-year
lease agreement with OSM Aviation Academy Ark, LLC who anticipated launching its FAA Part 141
airline pilot training program during the second quarter of 2026 while expanding its fleet and student
enrollment over time; and
WHEREAS, as OSM prepared construction plans for its leased terminal space, adjoining space became
available; and
WHEREAS, OSM has elected to exercise its right of first refusal for additional terminal office space
directly adjacent to its leased premises which will allow for a 1,128 square foot expansion.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby authorizes Mayor Rawn to
sign an amended lease agreement with OSM Aviation for an expansion of 1,128 square feet in the
terminal building for the additional amount of $1,410 per month.
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Comments:
Purchase Order Number:
Change Order Number:
Previous Ordinance or Resolution #79-26
Approval Date:
Original Contract Number:
Project Number
Budget Impact:
FundAccount Number
Project Title
City of Fayetteville Staff Review Form
2026-3477
Item ID
10/20/2026
City Council Meeting Date - Agenda Item Only
Staff recommends approval of a Resolution authorizing Mayor Rawn to sign an amended lease agreement with
OSM Aviation Academy to add approximately 1,128 square feet of office space in the Airport Terminal Building.
N/A for Non-Agenda Item
Action Recommendation:
Submitted By
Chris Brown AIRPORT SERVICES (760)
Division / Department
9/29/2026
Submitted Date
No
-$
-$
Budgeted Item?
Does item have a direct cost?
Is a Budget Amendment attached?
Total Amended Budget
Expenses (Actual+Encum)
Available Budget
Item Cost
Budget Amendment
Remaining Budget
-$
-$
No
No -$
-$
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FAYETTEVILLE – DRAKE FIELD
AMENDED LEASE AGREEMENT
This AMENDED LEASE AGREEMENT made this ______ day of ___________________,
2026, by and between the City of Fayetteville, Arkansas, hereinafter called “City”, and OSM
Aviation Academy Ark LLC, an Arkansas limited liability company, hereinafter called “Lessee.”
WHEREAS, City is the owner of an airport known as the Fayetteville Airport, Drake Field,
herein referred to as the “Airport”; and
WHEREAS, on March 17, 2026, the Fayetteville City Council approved Resolution 79-
26 and authorized a lease agreement with Lessee for the hangar located at 4578 S. School Avenue
and 3,026 square feet of office space in the Airport Terminal building located at 4500 S. School
Avenue, Suite O; and
WHEREAS, Suite E, which is adjacent to Suite O, has become available in the Airport
Terminal building and, pursuant to the original Lease Agreement, Lessee has exercised its right of
first refusal and requests to lease Suite E, which is approximately 1,128 square feet at the same
rate as its current office space lease.
NOW, THEREFORE, the parties, in consideration of the mutual covenants contained herein,
hereby agree as follows:
1.Leased Premises: City leases to Lessee, and Lessee leases from City the following buildings
or portions of buildings (collectively the “Leased Premises”) described as:
•Corporate Hangar 4578 located at 4578 S. School Ave., Fayetteville, AR 72701.
•Approximately 4,154 square feet of office space in the Airport Terminal building at 4500
S. School Ave., Fayetteville, AR 72701 identified as Suite O and Suite E.
o Right of first refusal: Lessee shall also have the right of first refusal to lease any
additional office space in the Airport Terminal building that directly abuts this
space.
Parking adjacent to each facility shall be conveyed as part of the Agreement at no additional
cost to Lessee. The Leased Premises are also shown and further described in the Leased
Premises diagram attached to this Agreement as Exhibit A.
2.Use of Common Airport Facilities: Lessee is granted the use, in common with others
similarly authorized, of the airport, together with all facilities, equipment, improvements, and
services which have been, or may hereafter, be provided at, or in connection with the Airport
from time to time including, but not limited to, the landing field, and any extensions hereof or
additions thereto, roadways, runways, ramps, aprons, taxiways, flood lights, landing lights,
20 October
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beacons, control tower, signals, radio aids, and all other conveniences for flying, landings and
take-offs.
3.Ingress and Egress: Lessee shall have at all times the full and free right in ingress to and
egress from the Leased Premises and facilities referred to herein for Lessee, its employees,
customers, passengers, guests, and other invitees. Such rights shall also extend to persons or
organizations supplying materials or furnishing services to Lessee.
4.Term: Subject to earlier termination as hereinafter provided, the initial term of this agreement
shall be for five (5) years commencing on the 17th day of March, 2026 and ending on the 16th
day of March, 2031. Lessee shall have the option to renew this agreement for one additional
five (5) year term. This option may be exercised upon written notice from Lessee to the City
at least ninety (90) days before the end of the initial term.
This Amended Lease Agreement may be terminated by Lessee with a six (6) month written
notice during either the initial term or renewal term. The City may terminate this agreement
for convenience with a six (6) month written notice only during the renewal term.
Lessee shall, at the termination, surrender or forfeiture of this lease or any portion of this lease,
return said Leased Premises in the same or better condition as they were at the beginning of
the lease, normal wear and tear excepted.
5.Rent: Lessee agrees to pay the City for the use of the premises, facilities, rights, and privileges
granted hereunder the following amounts:
•Corporate Hangar 4578: Base Rate of $1,900.00 per month, increased by 3% per year on
October 1 beginning in 2027.
•Airport Terminal Building 4500 (Suite O and Suite E): Base Rent of $5,192.50 per month,
adjusted 3% per year on October 1 beginning in 2027, subject to the offset provisions
below.
o This Base Rent is calculated as $15 per sq. ft. per year, applied to 4,154 sq. ft and
divided equally across 12 calendar months.
o Rent Offsets: City agrees to credit Lessee for the actual cost of the Lessee-installed
improvements within the existing space’s footprint approved by the Airport
Director in accordance with Section 9 below (the “Approved Improvement Cost”)
in the amount of $3,782.50 per month. Beginning on the commencement date of
this Amended Lease Agreement, Lessee’s obligation to pay Base Rent shall
be$1,410.00 until the total rent offsets applied equals the Approved Improvement
Cost. After the Approved Improvement Cost has been fully credited, Lessee shall
pay Base Rent in the full amount set forth in this Amended Lease Agreement. The
Rent Offset applies only to Base Rent for the Airport Terminal building and shall
not apply to additional rent, operating expenses, taxes, insurance, utilities, late fees,
or other amounts due under this Amended Lease. .
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6.City Responsibilities: City shall maintain and keep in good repair so much of the Airport
premises as are not under the exclusive control of Lessee.
7.Cleaning: Lessee shall provide for and supply at its expense all janitor service with respect to
the Leased Premises.
8.Utilities: Lessee shall pay for all utilities associated with Corporate Hangar 4578. City
provides electric, water/sewer, and gas utility services in the Airport Terminal. Any other
utility costs including, but not limited to, internet service shall be paid by the Lessee.
9.Improvements: Lessee shall bear the cost of all improvements or additions made to the interior
or exterior of the building(s) on the Leased Premises. No improvements or additions to any
part of the Leased Premises shall be made by Lessee without the prior written approval of the
Airport Director, whose consent will not be unreasonably withheld. Any signs or antennas to
be erected on or attached to the Leased Premises must have the prior written approval of the
Airport Director and shall conform to all City Ordinances.
Improvements outside of the existing footprint of Corporate Hangar 4578 including, but not
limited to, building expansions or additions, shall be approved only by separate written
agreement between Lessee and the City, which may take the form of an amendment to this
Lease Agreement.
10.Maintenance of the Leased Premises: Lessee shall maintain the Leased Premises in a clean
and orderly fashion at all times.
The City shall be responsible only for major maintenance of the existing equipment, i.e.
replacement of heating unit and other equipment in place in the facility which includes: roof,
hangar door motors, exterior walls, exterior plumbing, paved ramp and paved parking lot. The
City agrees that if the roof or any part of the exterior walls or exterior plumbing of said building
thereof shall become defective or damaged at any time during the term due to ordinary wear
and tear and not due to negligence of Lessee, or Lessee’s agents or invites, upon notice from
Lessee, the City will immediately cause repairs to be made and restore the defective portions
to good condition. If the damage is so extensive as to render such building untenantable, the
rent payable hereunder shall be proportionally paid up to the time of such damage and shall
thenceforth cease until such time as the premises shall be fully restored.
11. Applicable Laws and Regulations: Lessee agrees to observe and obey City’s Ordinances and
Regulations with respect to use of the Leased Premises and Airport; provided, however, such
Ordinances and Regulations shall be consistent with safety and with all city, county, and state
rules, regulations, including all current fire codes, and orders of the Federal Aviation
Administration with respect to aircraft operations at the Airport, and provided further, such
Ordinances and Regulations shall be consistent with the provisions of this agreement or the
procedures prescribed or approved from time to time by the Federal Aviation Administration
with respect to the operation of Lessee’s aircraft at the Airport.
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“The Minimum Standards for Fayetteville Executive Airport, Drake Field” herein referred
to as Airport Minimum Standards are made part of this lease by reference as if included word
for word.
12. Lessee’s Use of Leased Premises: Lessee agrees that it shall use the Leased Premises for the
implementation and conducting of an aeronautical business activity. Lessee agrees that it shall
use the Leased Premises only for the storage of aeronautic materials and equipment necessarily
related to the operation of said aeronautical business activity and that no other vehicles,
equipment or supplies shall be stored on the Leased Premises unless expressly agreed to by the
City. Lessee further agrees not to store any flammable material on the Leased Premises, other
than a limited supply of oils and agents necessary for current aircraft maintenance and repair,
or in any way endanger or violate the provisions of the City’s standard commercially available
property insurance policy or the requirements of same. Such violations shall constitute a
material breach of this Agreement.
Lessee agrees that habitation of the hangar building or offices or any portion of the Leased
Premises as a residence is prohibited.
13. Hazardous Substance: Lessee shall not cause or permit any Hazardous Substance to be used
or stored on or in the Leased Premises without first obtaining the City’s written consent. If
hazardous Substances are used, stored, generated, or disposed of on or in the Leased Premises
or if the Leased Premises or any other Airport property becomes contaminated in any manner
for which Lessee is responsible or legally liable, Lessee shall indemnify and hold harmless the
City, its officers, directors, agents, servants, and employees from any and all claims, damages,
fines, judgments, penalties, costs, liabilities, or losses including all reasonable costs for
investigation and defense thereof, (including but not limited to attorney’s fees, court costs, and
expert fees, and without limitation, decrease in value of the Leased Premises, damages caused
by loss or restriction of rentable or usable space as a part of the Leased Premises arising during
or after the term hereof and arising as a result of that contamination by Lessee, Lessee agents,
employees, and invitees. This indemnification includes, without limitation, all costs incurred
because of any investigation of the Airport or any cleanup, removal, or restoration mandated
by a federal, state, local agency or political subdivision.
14. Insurance Requirements: Lessee shall maintain in force during the Term and any extended
term public liability and property damage insurance in comprehensive form as reasonably may
be required by the City in this Agreement or the Airport Minimum Standards, or as required
by the Airport Director. The insurance shall be issued by an insurer licensed to do business in
the State of Arkansas.
Concurrent with the execution of this Agreement, Lessee shall provide proof of insurance
coverage by providing a Certificate of Lessee’s Insurance coverage, a copy of the declarations
page on the insurance policy, and a copy of all endorsements. The Certificates of Insurance,
or endorsements attached thereto, shall provide that; (a) insurance coverage shall not be
canceled, changed in coverage, or reduced in limits without at least thirty (30) days prior
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written notice to the City: (b) the City and the Airport and their trustees, agents, officers,
servants, and employees are named as additional insured: (c) the policy shall be considered
primary as regards to any other insurance coverage the City may possess, including any self-
insured retention or deductible the City may have, and any other insurance coverage the City
may possess shall be considered excess insurance only; (d) the limits of liability required
therein are on an occurrence basis.
15. Indemnification: Lessee agrees to indemnify City against any and all liabilities, losses, suits,
claims, judgments, fines, penalties, demands or expenses, including all reasonable costs for
investigation and defense thereof, (including but not limited to attorney’s fees, court costs, and
expert fees, for injuries to persons or damage to property caused by Lessee use or occupancy
of the Leased Premises; provided, however, that Lessee shall not be liable for any injury,
damage or loss arising from the negligence of City or its agents or employees; and provided
further, that each party shall give prompt and timely notice of any claim made or suit instituted
which in any way directly or indirectly affects or might affect either party, and each party shall
have the right to compromise and defend the same to the extent of its own interest. This clause
shall not be construed to waive that tort immunity as set forth under Arkansas Law.
16. Nondiscrimination: Lessee agrees that it will not discriminate by segregation or otherwise
against any person or persons because of race, creed, color, religion, national origin, sex,
marital status, or handicap in the furnishing, or by refusing to furnish, to such persons the use
of any facility, including any and all services, privileges, accommodations, and activities
provided thereby. Nothing herein shall require the furnishing to the general public of the use
of any facility customarily furnished by the City solely to tenants, their employees, customers,
patients, clients, guests, and invites.
17. Assigning, Subletting and Encumbering: Lessee shall not assign this Agreement in whole or
in part, nor sublease all or any part of the Leased Premises, nor permit other persons to occupy
said Leased Premises or any part thereof, not grant any license or concession for all or any part
of said Leased Premises, without the prior written consent of the City, which consent shall not
be unreasonably withheld. Any consent by the City to an assignment or subletting of this
Agreement shall not constitute a waiver of the necessity of obtaining that consent as to any
subsequent assignment. Any assignment for the benefit of Lessee’s creditors or otherwise by
operation of law shall not be effective to transfer or assign Lessee’s interest under this
Agreement unless the City shall have first consented thereto in writing. Neither Lessee’s
interest in this Agreement, not any estate created hereby in Lessee nor any interest herein or
therein, shall pass to any trustee or receiver or assignee for the benefit of creditors or otherwise
by operation of law except as may specifically be provided in the Bankruptcy Code. If any of
the corporate shares of stock of Lessee are transferred, or if any partnership interests of Lessee
are transferred, by sale, assignment, bequest, inheritance, operation of law, or otherwise, so as
to result in a change of the control, assets, value, ownership, or structure of Lessee, same shall
be deemed an assignment for the purposes of this Section 16 and shall require the City’s prior
consent, and Lessee shall notify the City of any such change or proposed change.
18. Removal of Property Upon Expiration of Lease: On the expiration or other termination of
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this lease Lessee’s right to use the Leased Premises shall cease, and Lessee shall vacate the
Leased Premises without unreasonable delay. All property installed, erected, or placed by
Lessee in, on, or about the Leased Premises, Lessee shall have the right at any time during the
term of this agreement, or any renewal or extension hereof, and for an additional period of
fourteen (14) days after the expiration or other termination of this agreement, to remove any
or all of such property, subject, however, to Lessee’s obligation to repair all damage, if any,
resulting from such removal. Any and all property not removed by Lessee prior to the
expiration of the aforesaid fourteen (14) day period shall thereupon become a part of the land
on which it is located, and title hereto shall thereupon vest in City.
19. City Entry Into Leased Premises: City may enter the Leased Premises to Lessee at any
reasonable time for any purpose necessary or incidental to the performance of its obligations
or Lessee’s obligations hereunder.
20. Non-Waiver: It is agreed that the failure of the City to invoke any of the available remedies
under this lease or under law in the event of one or more breaches or defaults by Lessee under
the lease shall not be construed as a waiver of such provisions and conditions and shall not
prevent the City from invoking such remedies in the event of any future breach or default.
21. Notice: Any notice or consent required by this Agreement shall be sufficient if sent by mail or
commercial delivery with proof of delivery to the following address:
CITY OF FAYETTEVILLE LESSEE
Airport Administration Office OSM Aviation Academy
4500 S. School Avenue, Suite F ATTN: Martin Floor
Fayetteville, Arkansas 72701 Peder Thomassons gate 12
Phone: (479) 718-7642 4836 Arendal, Norway
+47 41 77 00 07
Notice may also be given by the City to OSM by mail or commercial delivery with proof of
delivery to OSM’s registered agent in the State of Arkansas, or by hand delivery to any
employee on the Leased Premises.
22. Choice of Law; Venue: This agreement shall be construed under the laws of the State of
Arkansas. Venue for any legal action shall be in Washington County, Arkansas.
23. All the covenants, conditions, and provisions under this agreement shall extend to and bind the
legal representative, successors, and assigns of the respective parties hereof.
24. Severability: Each paragraph of this lease agreement is severable from all other paragraphs.
In the event any court of competent jurisdiction determines that any paragraph or subparagraph
is invalid or unenforceable for any reason, all remaining paragraphs and subparagraphs will
remain in full force and effect.
25. Entire Agreement: This lease agreement contains the entire agreement of both parties hereto,
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and no other oral or written agreement shall be binding on the parties hereto. This lease
agreement supersedes all prior agreements, contracts and understandings of any kind between
the parties relating to the subject matter hereof. This agreement may be executed in all or more
counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument
IN WITNESS WHEREOF, the parties have executed this Amended Lease Agreement on the day
and year written below.
CITY OF FAYETTEVILLE, ARKANSAS
By: __________________________________
Molly Rawn, Mayor
Date: _________________________________
ATTEST
By: ____________________________________
Kara Paxton, City Clerk Treasurer
OSM AVIATION ACADEMY ARK LLC
By: _________________________________
Printed Name: _________________________
Title: ________________________________
Date: ________________________________
10/20/2026
Antonio Tur Estrada
President
09/29/2026
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Exhibit A
Leased Premises
4,154 sq. ft. of Office Space in
Airport Terminal Building 4500
Physical Address: 4500 S School
Avenue, Fayetteville, AR, 72701
Corporate Hangar 4578
Physical Address: 4578 S School
Avenue, Fayetteville, AR, 72701
Ramp Space for OSM Use
Note: Drive lane must be
maintained.
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Docusign Envelope ID: 939FABA1-7EE7-867A-811B-3E8008FD2849
Docusign Envelope ID: 939FABA1-7EE7-867A-811B-3E8008FD2849
Docusign Envelope ID: 939FABA1-7EE7-867A-811B-3E8008FD2849