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|December 6, 2018, City Council Regular Meeting|
21. Motion to Approve Purchase of Titlemax Aviation, Inc. Hangar
The Savannah Airport Commission seeks to purchase a hangar owned by TitleMax Aviation, Inc. in the amount of $885,000.00.
TitleMax owns and operates a corporate hangar located in the southeast quadrant of the airport. The company recently sold its aircraft and no longer desires to own the improvements or maintain an active lease with the Savannah Airport Commission. Savannah Airport Commission engaged two appraisal companies to determine the value of the leasehold improvements considering the remaining term of the lease.
Commission staff and TItleMax then met and came to an agreed purchase price of $885,000 for the hangar and improvements. The Termination of Land Lease Agreement will formerly terminate the land lease as well as trigger the reversion of the improvements to the Airport Commission. The termination also affirms that TitleMax does not have any outstanding liens or mortgages on the hangar improvements or leasehold property.
Brooks Stillwell, Savannah Airport Commission Attorney
Savannah Airport Commission funds in the amount of $885,000.00
TitleMax Aviation Lease Termination Agreement Final Signed November 2018.pdf