Consent to Flying Colours airport lease acquisition

Councillor Votes

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Whereas Flying Colours Corp. is a valued tenant of several properties at Peterborough Regioanl Airport providing important services to the aviation industry; And whereas Flying Colours Corp. is intending to be acquired by Fairgrave Omlie LLC (Fairgrave) of Cleveland Ohio (the Acquisition) And whereas, for the purposes of the Acquisition, Flying Colours Corp. seeks the City’s support to the extent that the City may be required to consent to the Acquisition pursuant to the terms of leases between the City and Flying Colours Corp. and in relation to matters related to such leases including, for example, Fairgrave securing one or more rights of first refusal in relation to Airport lands adjacent to those currently leased by Flying Colours Corp.; Now therefore, be it resolved that the Mayor, Clerk, Chief Administrative Officer and Commissioner, Infrastructure and Planning Services, or any one or more of them, be authorized to execute such documents and to do such things that, in the opinion of the Chief Administrative Officer and the said Commissioner in consultation with the City Solicitor, are considered necessary or advisable in the City’s interests to facilitate the Acquisition on terms acceptable to the Chief Administrative Officer and said Commissioner and in forms acceptable to the City Solicitor.