Broward County Commission Regular Meeting
Director's Name: Mark Gale
Department: Aviation Division: Business
Information
Requested Action
title
MOTION TO APPROVE Second Amendment and Assignment among Broward County, National Jets Real Estate Holdings, LLC, and OA National Jets Lease, LLC, assigning the Agreement of Lease to OA National Jets Lease, LLC and revising certain benchmark dates and requirements for the lease at Broward County’s Fort Lauderdale-Hollywood International Airport.
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Why Action is Necessary
Broward County Board of County Commissioners (“Board”) approval is required for execution of the Second Amendment and Assignment (“Second Amendment”) among Broward County (“County”), National Jets Real Estate Holdings, LLC (“National Jets”), and OA National Jets Lease, LLC (“OA”), which amends and assigns the Agreement of Lease (“Agreement”) at Fort-Lauderdale Hollywood International Airport (“FLL”).
What Action Accomplishes
Approves the Second Amendment to the Agreement and assigns the Agreement of Lease to OA National Jets Lease, LLC.
Goal Related Icon(s)
N/A County Commission
N/A Go Green
N/A MAP Broward
Previous Action Taken
None.
Summary Explanation/Background
THE AVIATION DEPARTMENT RECOMMENDS APPROVAL OF THE MOTION.
This action approves the Second Amendment to the Agreement and assigns the Agreement of Lease to OA National Jets Lease, LLC.
On May 24, 2022 (Item No. 46), the Board approved the Agreement between County and National Jets for a 29-year term, including a four-year construction period. The Agreement required National Jets to complete specified improvements and spend a minimum capital expenditure of $18,000,000 by the last day of the fourth lease year (i.e., May 31, 2026), and to provide a $1,800,000 construction letter of credit as security for such obligations.
On February 2, 2023, as authorized in the Agreement, the Director of Aviation executed the First Amendment, which revised the exhibits depicting t...
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