There is no negative impact on the General Fund. The Airport Enterprise Fund will 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.
The County entered into a ground lease with Michael J. Oakes on June 21, 2016, for property at Buchanan Field Airport located at 1500 Sally Ride Drive, Concord. Michael J. Oakes now desires to assign all of his interest in the lease to VOLY RE LLC, which action requires the written consent of the County. Staff recommends (1) consent to assignment, (2) acceptance of a guaranty of payments under the lease through June 30, 2023, by VOLANS-I, Inc., and (3) execution of an amendment to the lease to permit the auxiliary aviation uses that will occur as a result of the assignment.
Michael J. Oakes will not be able to assign his interest in the lease.