HomeMy WebLinkAboutMINUTES - 03152011 - C.13RECOMMENDATION(S):
APPROVE and AUTHORIZE the Director of Airports, or his designee, to execute a
Consent to Assignment on behalf of the County, allowing the owner of Pacific States
Aviation, Inc., a tenant at Buchanan Field Airport, to sell his ownership interest in the
company to new investors.
FISCAL IMPACT:
This action will result in a transaction fee of $2,500 payable to the Airport Enterprise Fund,
which will also continue to receive lease and other revenues provided for in the lease. The
County General Fund will continue to receive property, sales and possessory interest tax
revenues from the lease.
BACKGROUND:
Under the Amended and Restated Lease between the County and Pacific States Aviation,
Inc. (the “Company”) dated February 28, 2006 (the “Lease”), if the owner of the Company
wants to sell his ownership interest in the Company, the County must consent to the sale.
The Company operates
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 03/15/2011 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Gayle B. Uilkema, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
ABSENT:Federal D. Glover, District V
Supervisor
Contact: Beth Lee, (925)
646-5722
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the
Board of Supervisors on the date shown.
ATTESTED: March 15, 2011
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: EMY L. SHARP, Deputy
cc:
C. 13
To:Board of Supervisors
From:Keith Freitas, Airports Director
Date:March 15, 2011
Contra
Costa
County
Subject:Consent to an assignment that permits the sale of the common stock of Pacific States Aviation, Inc., a tenant
under a long-term lease at Buchanan Fiel
BACKGROUND: (CONT'D)
a Fixed Base Operator facility at Buchanan Field Airport. The current owner of the
Company has negotiated the sale of all of the common stock of the Company to new
investors. The sale of the Company does not alter the Company’s obligations under the
Lease. Following the sale of the Company, the Lease will remain in full force and effect.
The County’s consent to the sale of the Company will enable the current owner to
liquidate his investment in the Company. No interruption in the services provided by the
Company at Buchanan Field Airport is expected as a result of the sale. Airport staff is
satisfied that under new ownership the Company will continue to be able to meet its
obligations under the Lease.
Over its remaining term, the Lease will provide significant revenue to the Airport
Enterprise Fund and County General Fund. The Lease is comparable to other executed
leases and is consistent with the Airport Master Plan.
CONSEQUENCE OF NEGATIVE ACTION:
The County will not consent to sale of the Company and ownership of the Company will
remain unchanged.
CHILDREN'S IMPACT STATEMENT:
Not Applicable
ATTACHMENTS
Consent to Assignment