Board of Finance Agenda October 2025
30-Year Airport Hangar Ground Lease Approved for Beta Technologies
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Description
Beta Technologies, Inc. was awarded a 30-year ground lease at Burlington International Airport to construct a 13,000 square foot hangar, with an initial rent of $13,672.50 annually plus CPI escalations and potential further extensions.
Contract Details
Contract Amount
$1,148.49/month (annual total $13,672.50) adjusted annually by CPI, with decennial market reset; 29 years 364 days initial total (30-year) term
Vendor
BETA TECHNOLOGIES INC
Agency
Burlington International Airport (City of Burlington, Department of Aviation), VT
Contract Type
OTHER
Document Date
October 21, 2025
Contract Term
30 years from effective date (anticipated late 2025)
Renewal Info
Term is 30 years, with possible extensions and assignment per negotiated lease terms. Includes periodic rate resets and options for renewal/extension.
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pendingIssuing Agency
Burlington International Airport (City of Burlington, Department of Aviation)
Airport Authority
VT
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