The development of North Texas
Regional Airport-Perrin Field’s west side has hit a snag after the first
prospective tenant for undeveloped portion of NTRA has decided to stay
where they are for the time being.
Texas Turbine Conversions had planned to move to a built-to-suit hangar along Highway 289. On Thursday the company will ask the Grayson County Regional Mobility Authority Board to release them from the lease agreement for the new hangar.
“There’s been a change in circumstance with them and they’ve requested (the Board) to … release them from their obligation,” said NTRA Director Mike Shahan.
The lease agreement between the airport and Texas Turbine called for the airport to construct the terminal shell and the company to finish the building. The company was to repay the airport for the cost of the hangar plus 5 percent interest over 20 years of a 40-year lease. Shahan said Texas Turbine has already made one down payment, slightly over $50,000, which will be forfeited with the termination of the agreement.
He stressed that the company, which has been modifying propeller aircraft since the 1990s, according to its website, still plans to operate out of the hangar it currently occupies at NTRA.
“They’re not moving or anything,” Shahan said. “They just can’t commit to such a big project right now.”
He said the airport still plans to complete construction of the 22,500-square-foot hangar. “We’re going to continue to work on the hangar and go ahead and finish it out,” Shahan said.
The airport director said NTRA has two prospects for the hangar. “We’ve got at least one company very seriously considering it,” he said.
“It’s a setback, but we’re moving on,” Shahan said. “We’ll get it built. We’ll get a tenant in there. Hopefully we’ll get a tenant in there before we even have it built.”
Source: http://heralddemocrat.com
Texas Turbine Conversions had planned to move to a built-to-suit hangar along Highway 289. On Thursday the company will ask the Grayson County Regional Mobility Authority Board to release them from the lease agreement for the new hangar.
“There’s been a change in circumstance with them and they’ve requested (the Board) to … release them from their obligation,” said NTRA Director Mike Shahan.
The lease agreement between the airport and Texas Turbine called for the airport to construct the terminal shell and the company to finish the building. The company was to repay the airport for the cost of the hangar plus 5 percent interest over 20 years of a 40-year lease. Shahan said Texas Turbine has already made one down payment, slightly over $50,000, which will be forfeited with the termination of the agreement.
He stressed that the company, which has been modifying propeller aircraft since the 1990s, according to its website, still plans to operate out of the hangar it currently occupies at NTRA.
“They’re not moving or anything,” Shahan said. “They just can’t commit to such a big project right now.”
He said the airport still plans to complete construction of the 22,500-square-foot hangar. “We’re going to continue to work on the hangar and go ahead and finish it out,” Shahan said.
The airport director said NTRA has two prospects for the hangar. “We’ve got at least one company very seriously considering it,” he said.
“It’s a setback, but we’re moving on,” Shahan said. “We’ll get it built. We’ll get a tenant in there. Hopefully we’ll get a tenant in there before we even have it built.”
Source: http://heralddemocrat.com
This past July, Texas Turbine Conversions announced their plan to lease to purchase a hangar out at NTRA.
Grayson County Commissioners approved spending up to $1.8 million dollars to build a hangar for the company to lease.
Today, Airport Director Mike Shahan says Texas Turbines is "holding off" on their lease because of a "change of circumstance."
Shahan would not give further comment. We'll bring you more information on this story as it becomes available.
Source: http://www.kxii.com
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