By David Wichner for the Arizona Daily Star
The Tucson Airport Authority has approved a lease extension for Ascent Aviation Services Corp. that will allow the company to expand with a new hangar at Tucson International Airport. The authority board recently approved the 12-year lease extension with three, five-year options.
Since acquiring the assets of bankrupt Global Aircraft Solutions in 2009, Ascent has been growing and had planned to build a new hangar. The Federal Aviation Administration-approved repair station specializes in maintenance of narrow-body jetliners, such as Boeing 737s, and employs about 150 full-time workers.
In recommending the lease extension to the airport authority board, airport officials said the final airfield layout included in the airport’s master plan shows that the planned new runway alignment won’t affect the new hangar.
The 12-year lease extension includes three five-year extensions, provided that Ascent takes occupancy of the new hangar by the end of 2017.
Ascent’s current lease, which runs through June 2015, costs the company about $540K in annual rent, according to airport authority documents. The planned hangar will be about 25KSF to 30KSF and cost about $2M, according to TIA.
Read more at AZStarNet