Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2018-2019 Annual Budget and the 2019-2023 Capital Improvements Program to Provide Funds for Professional Services for Project AI1908, TI Hangar Improvements
Summary
COUNCIL GOAL: Maximize the Development Potential of McKinney National Airport (3A: Implement initiatives and strategies, including public-private partnerships, to attract and expand corporate and commercial aviation)
MEETING DATE: May 21, 2019
DEPARTMENT: Airport
CONTACT: Kenneth Carley, A.A.E.,
Airport Director
RECOMMENDED CITY COUNCIL ACTION:
• Approve Ordinance
ITEM SUMMARY:
• This Ordinance amends the Fiscal Year 2018-2019 Annual Budget and the 2019-2023 Capital Improvements Program by appropriating $170,000 from the Airport Construction Fund balance to Project AI1908, TI Hangar Improvements.
BACKGROUND INFORMATION:
• Texas Instruments Incorporated (tenant) has signed a five (5) year lease term extension with the City of McKinney. As part of that agreement, the City of McKinney has agreed to complete the following improvements to the existing hangar at McKinney National Airport:
o Replace existing airport access gate with new high-speed gate
o Epoxy floor coating application over the existing hangar floor
FINANCIAL SUMMARY:
• The budget will be amended by appropriating $170,000 from the Airport Construction Fund balance to Project AI1908, TI Hangar Improvements.
• The cost of these improvements will be recouped through lease payments over the course of the five (5) year lease term.
BOARD OR COMMISSION RECOMMENDATION:
• N/A