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Bob Adams Field (SBS)
Steamboat Springs, CO
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Hangars at Steamboat FAQ

Q.1      When will construction of the hangars begin and when will it be completed?
Q.2      How is this facility different from renting a traditional hangar?
Q.3      Is a hangar at Bob Adams Field Airport a good investment?
Q.4      Are there rules and regulations governing the use of the hangar?
Q.5      How does the Condo Association work?
Q.6      What are typical permitted uses of the hangars?
Q.7      How are the hangar utilities configured and metered?
Q.8      After I acquire my hangar, what additional costs can I expect?
Q.9      How will the insurance be handled?
Q.10      How is title to my hangar held and do I own the land?
Q.11      What is the term of the ground lease?
Q.12      How about after-hours access?
Q.13      Where will I park my car?
Q.14      What about overall security for the airfield?
Q.15      Can two partners acquire a hangar?
Q.16      What specifications and amenities are included with each hangar?

A.1

    

When will construction of the hangars begin and when will it be completed?

 

 

Construction is complete.

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A.2

    

How is this facility different from renting a traditional hangar?

 

 

There are many advantages to purchasing rather than leasing a hangar at Bob Adams Field Airport. Here are just a few:
  • Instead of renting, you OWN your hangar subject to a long-term ground lease agreement with the City of Steamboat Springs.
  • All of the appreciation in the hangar value over time will benefit you directly when you choose to sublet or resell your leasehold interest.
  • At any time you can sell, rent or lease your hangar to another party.
  • You can configure your hangar space to match your needs, now or in the future.

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A.3

    

Is a hangar at Bob Adams Field Airport a good investment?

 

 

Yes!

Demand for office/hangar facilities at Colorado resort airports exceeds supply—some wait lists are long and most units that become available are for lease, not for sale.

Advantages of ownership versus leasing may include:
  • Tax benefits/depreciation
  • Capital appreciation
  • Fully transferable asset—sale or lease to third parties permitted
Substantial barriers to new development at existing airports include:
  • Land availability
  • FAA regulations/approvals
  • Community opposition to new development

Continuing demand, advantages of ownership and constraints on new supply all combine to make an investment in the Hangars at Steamboat an excellent choice!

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A.4

    

Are there rules and regulations governing the use of the hangar?

 

 

In additions to airport rules and regulations, the Condominium Association may impose rules and regulations governing uses and activities in common areas, alterations of building exteriors, etc.

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A.5

    

How does the Condo Association work?

 

 

The Condominium Association will be incorporated in the State of Colorado and governed by a Board of Directors elected by the hangar owners who will be members of the Condominium Association. The Association will be formed for the purpose of exercising the powers and performing the duties of the Association set forth in the Bylaws, the Articles of Incorporation of the Association and the Declaration of Covenants, Conditions and Restrictions; preserving, protecting and enhancing the values and amenities of the Project; and promoting the health, safety and welfare of the Members of the Association. The Condominium Association will be responsible for the management and maintenance of the hangar facilities.

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A.6

    

What are typical permitted uses of the hangars?

 

 

Aircraft storage and minor maintenance/assembly (no open flame).

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A.7

    

How are the hangar utilities configured and metered?

 

 

Separately metered 200 amp service, 120/208 volt 3-phase electrical service.

Water and sewer connections are available in each hangar (and office) for a restroom.

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A.8

    

After I acquire my hangar, what additional costs can I expect?

 

 

The price of your hangar/office will provide you with exclusive use of your hangar/office space for the life of the ground lease.

In addition to the purchase price of a unit, purchasers can expect to pay their prorata share (based on the square footage of each hangar as a percentage of the total project square footage) for the maintenance and operation of the buildings and common area improvements including:
  • Ground Rent
  • Maintenance
  • Property and Liability Insurance
  • Operating Reserves

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A.9

    

How will the insurance be handled?

 

 

The overall building and general liability insurance policy premium will be included in the common charges passed on to each owner based on their prorata square footage.

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A.10

    

How is title to my hangar held and do I own the land?

 

 

Title to the improvements subject to a long-term ground lease will be conveyed by deed insured by a title company. Each hangar owner will enter into a long-term sublease with ADG for a specific portion of the building (hangar/office) for the duration of the ground lease. Provisions will be made in the ground and subleases to allow the transfer of the operation of the facilities to a Condominium Association (comprised of owners), once all of the units have been sold.

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A.11

    

What is the term of the ground lease?

 

 

The ground rental rate for 2015 is $0.71 per square foot of the building square footage, per year, based on an initial 35-year term with a one-time lessee option to extend the lease term an additional five years. For example, the monthly ground lease payment for an 80 foot by 60 foot hangar (4,800 square feet) would be approximately $284.

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A.12

    

How about after-hours access?

 

 

Each owner will have 24-hour access to his or her hangar/office suite.

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A.13

    

Where will I park my car?

 

 

Options include parking inside your hangar or in the parking spaces adjacent to the office.

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A.14

    

What about overall security for the airfield?

 

 

Access to the hangar community is via a gated, private entrance. One of the benefits of a hangar at Steamboat versus other GA airports is the added security to protect you, your aircraft and your property. There is a simple process that you will go through to gain access to the airfield.

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A.15

    

Can two partners acquire a hangar?

 

 

Certainly. The long-term sublease will be with a single entity, but any arrangement that you and your partner/partners wish to put together is fine. A good strategy may be to have two partners, each with an interest in an LLC that is the lessee, each with their own aircraft, purchase a single hangar that will accommodate both aircraft. This approach provides all the benefits of owning your own hangar at approximately 50% of the investment.

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A.16

    

What specifications and amenities are included with each hangar?

 

 

For standard hangar amenities, click here.

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