SEBASTIAN – Velocity Aviation has vacated its lease of undeveloped land at the Sebastian Municipal Airport in an effort to reduce its annual lease it owes the city. In return, the company will pay an extra 10 percent in its lease on the factory property it has the airport.
Facing a steep downturn in the aviation market, Velocity Aviation approached the City of Sebastian for relief from its nearly $17,900 annual lease at the municipal airport.
Without discussion or questions, the Sebastian City Council unanimously approved the request, which would equate to nearly $8,600 less lease revenue to the airport annually.
The approval came two months after the council debated providing relief to LoPresti Aviation.
Airport Director Joe Griffin, in city records, told the council that Velocity had requested help with its lease before LoPresti made its request. In January, the council voted 3-1 to approve a 9-month deferment of rent for LoPresti.
Velocity Aviation holds a couple leases at the airport – one for a 4-acre piece of vacant land it planned to develop in the future within the North Infield, property for the Velocity Factory, and another for the Velocity Service Center.
“There is a need to help this local business in an effort to preserve all the jobs possible,” Griffin wrote in the city file.
Griffin argued that Velocity has a beneficial impact on the city, especially its service center.
The center “brings people from around the world to ‘finish’ their aircraft, fly familiarization flights and fly home when the work is complete,” Griffin wrote. “Those visitors use our hotels, restaurants and attractions. Some have remained in the area.”
The approved changes mean Velocity will not be paying $9,300 yearly for the vacant land it currently does not need and will be paying an extra $697 annually for its factory lease.
The $1,600 annual lease for the service center will remain unchanged.
