City OKs second hangar deal with Chicago Jet
BY STEPHANIE LULAY firstname.lastname@example.org September 27, 2013 6:52PM
Updated: October 30, 2013 6:46AM
The Aurora City Council unanimously approved a lease with an aircraft charter and maintenance company to occupy a second hangar at the Aurora Municipal Airport in Sugar Grove.
Chicago Jet agrees to a 20-year lease of the hangar under the deal.
The company already occupies another hangar, but will use the second hangar to service customer aircraft.
The second deal with Chicago Jet has the potential to generate millions of dollars in revenue and business at the airport, according to Bill Wiet, city chief development officer.
Mike Mitera, president of Chicago Jet, said aircrafts the company brings in buy a significant amount of fuel at the airport.
Diamas Real Estate Holdings, LLC, previously had a 20-year lease with the city to rent the hangar, but the company went bankrupt. The lease was then acquired by First Midwest Bank. The bank has agreed to loan
Chicago Jet funding through a Small Business Administration loan to occupy the hangar.