The Fort Worth City Council on Oct. 30 authorized a new ground lease agreement with Texas Jet Inc. at Meacham International Airport.
The agreement includes mandatory improvements and a consent to leasehold deed of trust for two lease sites to facilitate the construction of two new hangars.
The land is part of the Mid-Field Redevelopment project at Meacham.
Texas Jet will build two new hangars on the site. Hangar 1C will be about 35,850 square feet and Hangar 2C will be about 30,500 square feet.
Both hangars will include landscaping, fencing, vehicle gates, offices and parking areas as well as the required access aprons to connect the hangars to the taxiways. The hangars will be used for corporate aircraft storage and office space.
“This is another positive investment in Meacham Airport’s continued growth and redevelopment,” District 2 Councilman Carlos Flores said.
Texas Jet holds the existing 1N lease that occupies most of this new area and is one of the longest continuously operating companies serving as a public use, fixed-base operator at Meacham. The 1N hangar is functionally obsolete and will be demolished.
The new ground lease will include over 128,000 square feet for the 1C site and over 86,000 square feet for the 2C site.
Revenue generated from this ground lease is expected to be about $96,547 annually. The term of the new ground lease is recommended for 30 years, effective Jan. 1, 2019, with one 10-year renewal.