Mooney Settles In For Another 30 Years In Kerrville
Mooney Airplane Co. said Monday it has negotiated a new 30-year lease for its site at the Kerrville (Texas) Airport. The lease adds stability to Mooney's operation, said company President J. Nelson Happy. "Our old leases were fragmented, covered too much land and only had nine years left to go. We were reluctant to make investments in the physical plant without a long-term lease." The terms of the new agreement reduce Mooney's leased acreage from 51 acres to the 17 acres the company actually uses. "This will drastically cut our tax burden and eliminate the need for Mooney to maintain several old deteriorated buildings," Happy said. The new lease rate is $1,434 per month for the first 10 years, then escalates to about $3,263 per month for the next 10-year term. The final 10-year term will be at $6,527 per month. "This is very reasonable rent," Happy said, "and Mooney retains title to all of our buildings and fixtures for the entire 30-year term."