Quote:
Originally Posted by Deschodt
Although here seems to be a monthly "land lease" fee that almost negates the benefits... Not sure what that is about...
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The airport property is owned by the city/county/whatever, and is one big parcel. If you want to build a hangar, the airport's management can lease the ground to you, usually for 20, 30, 50 years or whatever.
This is another way to enforce the "aviation use"- It's part of the lease agreement.
In the first hangar I bought, I had to sign the lease agreement that acknowledges the federal requirement. The same language was required when I sold that hangar to the new owner.
At that airport, there was a 30 year ground lease, with an option to renew for another 30 years. Somebody was thinking smart- Two years after construction, it was discovered that there was no requirement to wait 30 years before exercising the option, so they exercised it then. Now they have use of the ground guaranteed for 60 years.