Agenda Information Sheet
ProposalAI Summary
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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