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AGENDA
FOR THE FAYETTEVILLE MUNICPAL AIRPORT
SPECIAL CALLED AIRPORT BOARD MEETING
9:00 a.m.
Friday, April 19, 2002
Genesis Building
Engineering Research Center
S. School Avenue — U.S. Highway 71B South
1 . Welcome.
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2. Lease Review:
Action: Recommend City Council Approval
3 . Adjourn.
NOTE : THE DRAKE FIELD MARKETING STRATEGY DEVELOPMENT
MEETING (A WORKING SESSION) WILL FOLLOW THE
SPECIAL CALLED AIRPORT BOARD MEETING
FAYETTEVILLE
THE CITY OF FAYETTEVILLE, ARKANSAS
DAN COODY, MAYOR
MEMORANDUM
TO: Dan Coody, Mayor
City Council Members
THRU : Staff Review Committee
FROM: Ray M . Boudreaux, Director
DATE: April 16, 2002
SUBJECT: Airport Ground Lease for Corporate Hangar Construction
Background: Attached please find the final ground lease signed by Flying Investments, LLC
Inc. of Fayetteville. The company will construct a corporate hangar on property leased from the
City at Fayetteville Municipal Airport from which to operate a flying business. The company plans
to operate several corporate jet aircraft.
Purpose: To approve an airport ground lease contract with Flying Investments, LLC of
Fayetteville.
Budget Considerations: Flying Investments, LLC will pay the City $980.00 a year for the
ground. An agreement has been negotiated as part of the lease agreement for the company to
purchase their own fuel and for the City to store it and pump it into the aircraft utilizing airport
staff. Fees charged have been negotiated on an annual basis so that the fees paid for the
• service decrease with the quantity pumped into the planes.
Requested Action: Approval by the City Council. Signature by the Mayor and City Clerk.
Attachments: Staff Review Form
Lease agreement
Aviation and Economic Development Department
Fayetteville Municipal Airport, Drake Field
4500 South School Avenue, Suite F
Fayetteville, Arkansas 72701
Ray M. Boudreaux, Director