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Meeting Minutes for:
Finance Committee Meeting
Yuma International Airport, Conference Room
Friday, February 02, 2018 at 11:58 AM
Call to Order:
The Yuma County Airport Authority, Inc. (YCAA) Finance Committee Meeting of the Board of Directors was called to order at 11:58AM on February 2, 2018 in the Yuma International Airport Conference Room, 2191 E. 32nd Street, Suite 218, Yuma, Arizona 85365. The Presiding officer was Eric Saltzer, Chairman.
FINANCE COMMITTEE MEMBERS PRESENT WERE:
Albert Gardner, 1st Vice President
Eric Saltzer, Treasurer
FINANCE COMMITTEE MEMBERS ABSENT WERE:
Linda Morgan, 2nd Vice President
ALSO PRESENT WERE:
Gladys Wiggins, Airport Director
Gerald Hinkle, Jr., Chief Financial Officer
Andrea Lopez, Executive Assistant
CALL TO THE PUBLIC
There were no Public Comments.
REGULAR AGENDA
1) Finance Committee discussion and possible recommendation on Proposed Amendment #7 to Freeman Holdings’ lease agreement with YCAA to reduce the monthly rent on Premises 4, the Love Hangar and Restroom facility, in return for an investment into the fuel farm and extension of the remaining term an additional five years.
Ms. Wiggins, the Airport Director, introduced the agenda item including a brief history surrounding the issues involved. Mr. Hinkle, the CFO followed with a detailed presentation on the proposed Amendment #7 which was drafted to represent the compromise reached at the previous meeting of the Finance Committee held October 13, 2017.
Mr. Hinkle described how the Committee instructed staff to draft Amendment #7 for consideration in response to a written request from Freeman Holdings of Arizona, LLC, dba Million Air Yuma, dated August 24, 2017. After review of the request to dramatically reduce the lease rent on Premises 4 (the Love Hangar and restroom facility) the Committee reached a compromise with the principals of Million Air Yuma to propose a reduction to lease rent on Premises 4 to $4,500 per month for the remainder of the existing term, extend the term an additional five years at a rate of $5,000 per month in return for a commitment to invest an additional $350,000 into the fuel farm. This investment would increase the fuel storage capacity of the fuel farm by at least 40,000 gallons.
Mr. Hinkle went over a number of slides describing how proposed Amendment #7, which was provided for review, would accomplish this goal.
After the presentation, the Committee reached a consensus to recommend the proposed Amendment #7 for authorization at the February 12, 2018 Board of Directors Meeting.
ADJOURNMENT
There being no further business before the Committee the meeting adjourned at 12:41pm.
// Approved //
Eric Saltzer
Treasurer Yuma County Airport Authority; Finance Committee Chairman | |
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