Assignment of the ground lease with Worldwide Alliance, LLC, to PRP Hangars, LLC, and memorandum of lease and consent to mortgage for same

Summary

This item concerns the assignment of a ground lease at the Ocala International Airport from Worldwide Alliance, LLC to PRP Hangars, LLC. The original ground lease was entered into on January 1, 2021, for a term of 30 years with two 5-year renewal options, covering approximately 1.19 acres. The lease allows for the construction of improvements, such as a hangar, at the tenant's expense. The assignment to PRP Hangars, LLC has been consented to by the City of Ocala (Landlord). Additionally, a memorandum of lease is being executed to publicly evidence the lease, and a consent to mortgage of the leasehold interest has been provided to Citizens First Bank, allowing PRP Hangars, LLC to finance its interest in the lease and any improvements.

Citizen Impact

This transaction involves a change in the lessee for a portion of the Ocala International Airport property. Residents are not directly impacted financially, but it facilitates continued development and business operations at the airport.

Confidence

high