The new owner of Sun Valley Aviation has agreed to pay a $2.7 million fee as part of the formality of the airport service center's transferring its lease to Dallas-based Atlantic Aviation, which has agreed to buy family-owned Sun Valley Aviation for an undisclosed sum.
The Friedman Memorial Airport Authority met for about an hour on Friday, Feb. 29, first in executive session to discuss details of the lease. Then the board met for about five minutes in public to formally approve the lease.
Under the new owner, the facility will change its name to Atlantic Aviation Sun Valley. However, General Manager Melidee Wright and Chief Financial Officer Mike Rasch will continue to manage the facility, and all other members of the staff will be retained.
Ownership officially is expected to change hands today, Wednesday, March 5, Rasch said.
Rasch said the Friedman operation includes about 4.3 acres in the lease, including the 9,600-square-foot customer terminal and the adjoining 26,000-square-foot hangar, plus several smaller facilities on the field.
Friedman airport Manager Rick Baird called Atlantic Aviation "an exceptional company," pointing out the nationwide network of nearly 70 airport service centers and its growing interest in resort areas. He said Atlantic Aviation will pay about 60 cents per square foot for its lease.
As the only fixed-base operator on Friedman, Atlantic Aviation services thousands of transient flights every year, as well as providing maintenance and flight instruction.