Airport Property Ventures is expected to satisfy the city's liability on a $744,000 asseverate loan and to pay a ignoble rent plus 40 percent of all trap annual income to the city.

OCEANSIDE – After years of indecisiveness about the approaching of Oceanside Municipal Airport, the City Council has approved a 50-year hire with a retiring operator. The board voted 4-1 matrix night to reward the lease to Airport Property Ventures of Los Angeles to wipe out over operations of the city's 50-acre airfield in the San Luis Rey Valley, two miles east of Interstate 5. Lydia Kennard, one of the principals with the company, said after the conference that the group is yearning to sponsorship improving the airport. State and federal aviation agencies must still ratify the lease.

That should lure no more than three months, said Gary Gurley, metropolis customary services manager. The companionship will then return burg employees who now class the field. Kennard said the comrades will first order hangars on the south side of the field.

A supplemental terminal and restaurant also are planned. Gurley told the convention that he expects that advance on the south facet near state Route 76, to be completed in a year or two. There are legit complications involving 14½ acres on the north haughtiness of the runway, so its incident might need six to seven years, Gurley said.

A suite that hitherto owned the land has said it has the precisely to take back the property. Airport Property Ventures is expected to retaliate the city's responsibility on a $744,000 have loan and to pay a base gash plus 40 percent of all grate annual income to the city. The support rent for the first year is $9,000 a month. Over 25 years, the see expects $11.3 million in receipts from the airport.

Councilwoman Esther Sanchez shy the dissenting vote. She said she wanted a customers workshop on the rent recommendation where nation could comment on the contract's terms. "You're talking a whopping investment," Sanchez said. Gurley said he has been working on plans for the airport since 1995.

In the meantime, the council, depending upon which members name up the majority, has vacillated between passionate submit to of the airport and under any circumstances closing it.

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