DEVELOPMENT LEASE AGREEMENT WITH AIR SAL, INC.

Board of County Commissioners · 2026-09-01 · resolution

Resolution approving a development lease agreement between Miami-Dade County and AIR SAL, Inc. for approximately 457,966 square feet of county-owned land at Miami Executive Airport (TMB) for a 30-year term with one five-year renewal option, for the development of aviation hangar facilities, a fixed-based operator terminal, and ancillary infrastructure, for an estimated $14,170,511.00 in rents and other revenues to the County over the initial 30-year term. The agreement is subject to conditions precedent including approval from traffic and consulting engineers, Federal Aviation Administration approval, and an unconditional termination instrument from Peninsula Avionics, Inc. for Lease T 010689. The project involves two phases: Phase I on Lot 120B constructing a 30,000 SF aircraft hangar, and Phase II on Lots 13, 14, and 15 demolishing Building 114 and constructing two 28,600 SF aircraft hangars. AIR SAL must invest a minimum of $12,000,000.00. The item was introduced on 8/25/2026 and is pending BCC assignment for the agenda date of 9/1/2026. The document does not state a final decision.