Agenda Information Sheet
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This document authorizes the City of Dallas Department of Aviation to terminate two existing leases with Regal Assets, LLC (formerly Associated Air Center, Inc.) at Dallas Love Field Airport and consolidate them into a single 30-year lease with two five-year renewal options. The consolidated lease encompasses approximately 1,092,273 square feet combining the two prior leases: one dating from July 11, 1984 covering 408,962 square feet, and another from April 1, 1994 covering 683,311 square feet. The new consolidated lease requires Regal Assets to make a capital investment of $5,000,000 within 36 months and generates estimated revenue of $97,744,973.83 over the primary term, offsetting $7,230,158.80 in foregone revenue from terminating the existing leases. The agenda item was scheduled for February 27, 2019, and falls under the City's strategic priority of Mobility Solutions, Infrastructure, and Sustainability.
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The Dallas City Council approved deed restrictions on August 8, 1990, for property on the north side of Eighth Street west of South R. L. Thornton Freeway (zoning Case #2890-1a2/8883-1-ot), in conjunction with an RR Regional Retail District designation. The deed restrictions, imposed on Lot 5 of the E. Robertson Survey by property owner Collection Finance Corporation, establish a maximum floor area ratio of 1:1 as defined in the Dallas Development Code. The restrictions remain in effect for 25 years from execution and automatically extend for additional 10-year periods unless amended or terminated through public hearings before the City Plan Commission and City Council approval. The restrictions were filed in the Dallas County Deed Records.
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