REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
July 28, 2020
FROM
TERRY W. THOMPSON, Director, Real Estate Services Department
JAMES E. JENKINS, Director, Department of Airports
SUBJECT
Title
Revenue Lease Agreement with Threshold Technologies, Inc. for Hangar and Office Space at Chino Airport for the Department of Airports
End
RECOMMENDATION(S)
Recommendation
Approve a 10-year revenue Lease Agreement with Threshold Technologies, Inc., for the period of August 1, 2020 through July 31, 2030, with one five-year option to extend the term of the lease, for Commercial Hangar No. 1, F-330, consisting of approximately 42,807 square feet of hangar space and 8,072 square feet of office space, at Chino Airport for the Department of Airports for total revenue in the amount of $2,560.086.
(Presenter: Terry W. Thompson, Director, 387-5252)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Operate in a Fiscally-Responsible and Business-Like Manner.
FINANCIAL IMPACT
Approval of this item will not result in the use of Discretionary General Funding (Net County Cost). The total revenue to be received by the Department of Airports (Airports) during this 10-year lease agreement is $2,560.086 and will be deposited into Airports budget (6315001000). Annual revenue, including an initial three month rent-free construction period followed by a three month rent deferment to be paid over the next four years, for the period of August 1, 2021 through July 31, 2025 is as follows:
Year
Total Revenue
August 1, 2020 - July 31, 2021
$ 122,454
August 1, 2021 - July 31, 2022
$ 258,948
August 1, 2022 - July 31, 2023
$ 263,796
August 1, 2023 - July 31, 2024
$ 268,740
August 1, 2024 - July 31, 2025
$ 273,780
August 1, 2025 - July 31, 2026
$ 263,760
August 1, 2026 - July 31, 2027
$ 269,016
August 1, 2027 - July 31, 2028
$ 274,368
August 1, 2028 - July 31, 2029
$ 279,828
August 1, 2029 - July 31, 2030
$ ...
Click here for full text