FACILITIESAPPROVED

PUBLIC HOUSING COMMISSION OF THE city OF MARSHALL Awards Facilities Contract to Lock Prop Llc (October 2023)

The City of Marshall approved a 20-year land lease and development agreement with LOCK PROP, LLC for construction and operation of a private hangar at the city airport, with two options to extend and step increases in ground rent.

Status
APPROVED
Document date
October 24, 2023
Contract type
FACILITIES
Vendor
Lock Prop Llc
Agency
PUBLIC HOUSING COMMISSION OF THE city OF MARSHALL · MN

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WithersRavenel logo
Derivita logo
Comcate logo
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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
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IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
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Scope & details

The full contract record, as filed.

Contract amount
Ground Rent: Non-commercial rate $0.216/sq ft in 2024; $7,000 project charge for engineer; $5,000 (when natural gas line connects); plus project construction costs all paid by lessee
Contract type
FACILITIES
Contract term
20 years base, with 20-year and 10-year extension options (max through 2073)
Renewal date
2043-12-31
Renewal
20-year base term, with a 20-year first extension option (requires written notice 2023 and 2043), plus a 10-year second option; each option subject to FAA consent. Rent escalates 7% every five years. If option not exercised, lease ends at term.
Document type
Agenda
Source document
public-housing-commission-of-the-city-of-marshall-agenda-2023-10-24_b88.pdf

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the facilities contract by PUBLIC HOUSING COMMISSION OF THE city OF MARSHALL?

Lock Prop Llc was awarded this facilities contract by PUBLIC HOUSING COMMISSION OF THE city OF MARSHALL, as recorded on October 24, 2023. The contract value is Ground Rent: Non-commercial rate $0.216/sq ft in 2024; $7,000 project charge for engineer; $5,000 (when natural gas line connects); plus project construction costs all paid by lessee.

How much is the Lock Prop Llc contract with PUBLIC HOUSING COMMISSION OF THE city OF MARSHALL worth?

The Lock Prop Llc contract with PUBLIC HOUSING COMMISSION OF THE city OF MARSHALL is valued at Ground Rent: Non-commercial rate $0.216/sq ft in 2024; $7,000 project charge for engineer; $5,000 (when natural gas line connects); plus project construction costs all paid by lessee, covering facilities work.

What type of contract is this?

This is a Facilities contract, documented as a agenda record.

Where was this contract approved?

This contract appears in public-housing-commission-of-the-city-of-marshall-agenda-2023-10-24_b88.pdf (Agenda), dated October 24, 2023 from PUBLIC HOUSING COMMISSION OF THE city OF MARSHALL. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Lock Prop Llc hold?

Lock Prop Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Lock Prop Llc's profile

What is PUBLIC HOUSING COMMISSION OF THE city OF MARSHALL currently buying?

Explore PUBLIC HOUSING COMMISSION OF THE city OF MARSHALL's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

View PUBLIC HOUSING COMMISSION OF THE city OF MARSHALL's profile

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