CEDAR RAPIDS — The Cedar Rapids Airport Commission has approved a lease-purchase agreement for a 12,000-square-foot hangar for Kinze Manufacturing of Williamsburg.
The agricultural equipment manufacturer has paid for construction of the hangar off Lippisch Place SW. Under the agreement, the company will transfer ownership of the hangar to The Eastern Iowa Airport and lease it for 25 years, with two optional five-year extensions.
It will be the fourth corporate hangar at regional airport, along with facilities owned by Alliant Energy, CRST and Rockwell Collins.
Kinze’s lease payments will be equal to the cost of the hangar and related improvements. The company also will pay rent for the use of the land under the hangar.
Marc Beltrame, a Des Moines attorney representing Kinze, told the commission that the hangar should be ready for a walk-through inspection by airport staff within the next three days.
“A contractor is working on finalizing the security accesses,” Beltrames said. “The electrical work is done, and there probably are a few splashes of paint that have to be added along with some doorknobs.”
Don Swanson, airport director of finance and administration, said paving has been completed on a connecting taxiway extension to provide airfield access for the hangar. Eastern Iowa Excavating was awarded a $398,286 contract to construct the taxiway connector and apron.
Beltrame said access to aviation is an important business tool for Kinze.
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“Many of our customers and dealers are located in small towns across the country,” Beltrame said. “This will allow us to critically access them in a timely manner.”
Kinze owns a corporate plane at the airport and two other aircraft will be housed in the hangar. Beltrame said Kinze’s full-time corporate pilot, who is based at the company’s headquarters in Williamsburg, also will have an office in the new airport hangar.