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FORT LAUDERDALE, FL-A successor to Sheltair Aviation Center Inc. has secured a $12-million mortgage on leases at Fort Lauderdale-Hollywood International Airport as part of a plan to buy out some of the company’s shareholders.

Disclosure of the buyout emerged in official Broward County records because of stipulations in lease agreements the Fort Lauderdale-based developer-operator of airport facilities maintains on about 45 acres of property at the airport.

Specifics on the buyout are unavailable because the official county record does not disclose detailed accounts about the buyout or the formation of Sheltair Aviation Center, the successor company. Officials at the successor company did not respond to a request from GlobeSt.com for comment.

State corporate records, however, identified officers and directors in the original company as Gerald M. Holland, president; Richard A. Hahner, vice president; Peter Casoria Jr., secretary; and John Schmatz, vice president and treasurer. The successor company simply lists Holland as the managing member.

Since signing its first lease in 1974 at the Fort Lauderdale airport, Sheltair Aviation and its affiliated companies have become what may be the largest private developer and general contractor of aviation properties and facilities in Florida.

“Over the past 15 years, Holland-Sheltair Aviation Group has constructed more than 1,500,000 sf of aviation facilities at multiple airport locations in southern and central Florida,” Kissimmee, FL, city officials advised in a press release issued last March following a contract agreement with an affiliate of the Fort Lauderdale company. The city contracted with the Sheltair affiliate to build hanger facilities on five acres at Kissimmee Airport.

Besides Kissimmee, Sheltair maintains lease agreements on property at Florida international and commercial airports in Orlando, St. Petersburg-Clearwater, Daytona Beach, Melbourne and elsewhere.

In its request to assign the Fort Lauderdale leases to the successor company, Sheltair officials agreed to invest about $2.55 million in improvements to the fixed-based fuel and maintenance facilities the company operates on 14.8 acres on the west side of the international airport and on 10 acres at the north side.

Besides those two leases, airport spokesman Jim Reynolds tells GlobeSt.com the company also leases five acres at the airport as a US Customs cargo facility; a one-acre fuel farm operated by the subsidiary Gulfstream Petroleum Corp.; and a 14.1-acre parking lot site, where the company is considering the development of additional facilities.

In exchange for developing those facilities, Reynolds says, the county has granted Sheltair favorable annual asking rents on those leases. Once constructed, however, all leasehold improvements become the property of the airport.

On the 14.8-acre site, the company pays about $173,000 a year; $11,000 a year on the five-acre site; $21,400 on the 14.1-acre parking lot, though the county uses part of the property; $13,000 a year on the one-acre site; and $374,750 a year on the 10-acre site.

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