Big Bear Airport District’s Lease Committee and Finance Committee Meeting Results

Big Bear City, CA, July 26, 2010, 12:00pm – On Friday, July 23rd, the Big Bear Airport District held consecutive meetings for the Lease Committee and the Finance Committee.  The Lease Committee comprised of Gloria Greene and Jay Obernolte, discussed issues relating to the airport hangers.  Per Airport General Manager, Pete Gwaltney, due to the number of vacant hangers rented by the Airport District, it was discussed at the last General Board meeting that an offer be made to contact the current tie-down renters, that is, those who tie-down their aircraft on the tarmac of the Airport rather than rent a hanger.  The offer would be for two months free hanger rent with a one-year signed rental agreement.  To date, the number of hanger vacancies now available through the rental program at the Big Bear City Airport is 16 hangers of their total 131 hangers, which represents a 12% vacancy.  Ina  side note, as of August 1, 2010, the Airport District will be acquiring an additional 10 hangers in “D” row from Nunno Corporation.  Nunno Corp is athe company that originally built the “D” row hangers in 1986 and they retained ownership until now, but, the contract between Nunno Corp and the Airport District states that the Airport would purchase the additional hangers as of August 1st per airport personnel.  The Finance Committee, comprised of Gloria Greene and Julie Smith, reviewed financial statements.  According to Mr. Gwaltney, the Airport District has $3.7 million dollars in reserves in a Local Agency Investment Fund earning at a rate of .56% interest.  The Airport District has been successful in saving approximately $800,000 a year anticipating the need to make a decision of whether or not to purchase the Airport building.  At the July 7th General Board meeting, the Board approved the CC&R’s and the condo map.  The files are now in the County approval process and the outcome is yet to be determined.