Summary:
On May 21, 2014, the GOAA Board approved a lease with Silver Airways Corp for Silver's lease from GOAA of the former Comair Hanger Premises, Building 901, located in the East Terminal Support Area at the Orlando International Airport. The leased premises is approximately 9.9 acres of land, and upon build-out, will consist of a 21,000 square foot main hangar, a 12,000 square foot Rubb hangar, approximately 80,000 square feet of apron, 20,000 square feet of parking and administrative offices.
Silver, a U.S. Airline operating about 170 daily flights, is headquartered in Ft. Lauderdale and its current maintenance facilities are in Gainesville. Under the terms of the Lease, Silver would relocate to Orlando and use the premises for maintenance and storage of aircraft upon build-out by GOAA. The build-out costs are anticipated to be paid from state funds with no cost to GOAA.
Initial Annual Rent is $130,500.00 per year or $10,875.00 per month. During the first lease year, rent will be reduced 50% to $65,250 per year, or $5,437.50 per month with the savings to be invested by Silver in the facilities for improvements, systems and equipment over the first 5 years. Silver is responsible for all ordinary and necessary maintenance, utilities, insurance and applicable taxes, if any. The lease term is 10 years with Silver having four (4) options to renew the term for five (5) years each. The City Charter requires City Council approval of GOAA leases in excess of 10 years.
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