Council 1-20-25 - Airport Hangar Development v2.pdf
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City Council Meeting Airport Hangar Development January 20, 2026 Agenda Topics •Solicitation Process •Proposed Development Highlights •Staff Recommendation Solicitation Process • Previous privately developed hangars built in the mid-1980s • Compliance with State Statute • Explored Mesa Falcon Field Success • Formulated Six Step Process for on-airport development Development Agreement Highlights • Development of twelve (12) executive style box hangars • First four (4) hangars completed within eight (8) years • Each hangar under separate land lease • Each hangar to be sold for private use upon completion and lease assigned • City to provide utilities connection and future pavement and septic maintenance Land Lease Highlights • 30-year land lease, transition to 50-year land leases • Current rate at $0.25/sf/yr • Uncapped CPI increases every two years • Market rate appraisal every ten years • Building inspection every ten years Staff Recommendation Council to take action on Resolution No. 15-26 approving the Development Agreement between the City of Buckeye, an Arizona municipal corporation and Vermillion Development, LLC, an Arizona limited liability company, and the related long-term lease agreement