AGENDA MEMORANDUM

Meeting Date: October 25, 2010

From: Charlie Weller, Airport Manager

Subject: Resolution authorizing a Lease Agreement with International Asset Management Specialist, LLC for space at Leesburg International Airport

Staff Recommendation:

Staff recommends approval of the Lease Agreement with International Asset Management Specialist, LLC

Analysis:

International Asset Management Specialist, LLC is a Part-135 air charter company that wishes to change their base of operations from Orlando International Airport to Leesburg International Airport. The company has two aircraft (Gulfstream III and a Lear-25) and one helicopter at their disposal.

Staff proposes to lease the office space located at 8701 Airport Boulevard, Suite 101 (former Triangle Aviation offices) to International Asset Management Specialists, LLC. The lease period is for one year with a one year renewal option. The rental rate will be $500.00 per month plus taxes. International Asset Management Specialists, LLC will not pay for any utilities (water and electric) during the initial two year lease period. If the lease continues on a month to month basis after the original term, the company will pay utilities as well as an adjusted rental rate.

International Asset Management Specialist, LLC is also proposing to sublease hangar space from SunAir Aviation to store equipment associated with their operation. The sublease agreement will be presented concurrent with this lease agreement.

The air charter operation will be a plus for the airport. It is the second air charter of this type that will be located on the airport.

The Airport Advisory Board reviewed this agreement at the October 13^th meeting and recommended approval.

Options:

1. Approve the Lease Agreement with International Asset Management Specialist, LLC; or

2. Such alternative action as the Commission may deem appropriate

Fiscal Impact:

This lease will generate $500.00 per month in revenue to the airport. Utility costs are estimated to be $250 per month. The net to the airport is estimated at $250 per month or $3,000.00 annually for the first two years.

Submission Date and Time: 10/20/2010 2:53 PM____

Department: __Airport_______________

Prepared by: __Charlie Weller_________

Attachments: Yes _X___ No ______

Advertised: ____Not Required ___X___

Dates: __________________________

Attorney Review : Yes_X__ No ____

_________________________________

Revised 6/10/04

Reviewed by: Dept. Head ________

Finance Dept. ___________JB_____

Deputy C.M. ___________________

Submitted by:

City Manager ___________________

Account No. __001-0000-362-0200_

Project No. ___________________

WF No. ______________________

Budget ______________________

Available _____________________

RESOLUTION NO._______________

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A LEASE AGREEMENT WITH INTERNATIONAL ASSET MANAGEMENT SPECIALIST, LLC FOR OFFICE SPACE AT LEESBURG INTERNATIONAL AIRPORT; AND PROVIDING AN EFFECTIVE DATE.

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

THAT the Mayor and City Clerk are hereby authorized to execute a Lease Agreement with International Asset Management Specialist, LLC whose address is 11953 W. Colonial Dr. Ocoee, Florida 34761 for office space located at 8701 Airport Boulevard, Suite 101 Leesburg, FL 34788 at Leesburg International Airport.

THAT this resolution shall become effective immediately.

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the 25^th day of October, 2010.

__________________________

Mayor

ATTEST:

__________________________

City Clerk