Submitted By: Matthew Grow
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Presentation By: Matthew Grow
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Department: Aviation
STAFF RECOMMENDATION (Motion Ready):
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Approve estoppel certificate as required by the fixed base operator lease with Sheltair Aviation Ocala, LLC
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OCALA’S RELEVANT STRATEGIC GOALS:
Operational Excellence
PROOF OF PUBLICATION:
NA
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BACKGROUND:
Sheltair Aviation Ocala, LLC, the fixed based operator at the Ocala International Airport, requests a new estoppel certificate. Under Article 28.8 of the lease agreement between Sheltair and the City of Ocala, the City is obligated to provide an estoppel when requested.
An estoppel certificate is a document designed to give a third-party critical information on the relationship between the landlord and the tenant. The third party is frequently a prospective purchaser of the landlord's real property, or a lender who will be secured by an interest in that property. Typically, the deal the landlord is making requires the landlord to obtain such certificates from its tenants and present them to the third party for use in its due diligence review of the property.
FINDINGS AND CONCLUSIONS:
Estoppel certificates are being requested by Sheltair at all their locations, and the City is required by contract to provide a new one.
FISCAL IMPACT:
None.
PROCUREMENT REVIEW:
NA
LEGAL REVIEW:
This Agreement has been reviewed and approved for form and legality by City Attorney, William E. Sexton.
ALTERNATIVE:
• Approve with Changes
• Table
• Deny