Burlington, Vt. – Tonight, Mayor Miro Weinberger secured City Council’s unanimous approval of a 75-year lease between the Burlington International Airport and BETA Technologies to help ensure that the innovative, electric aviation company remains a vibrant part of the region’s economy for the long term. The agreement will enable BETA to construct and operate a 355,000 square foot building on airport property to design, produce and assemble electric aircraft.
“BETA’s vision of electric aviation fully aligns with Burlington’s vision of a fully-electrified, net zero city that offers vast opportunities to all who want to make this special place their home. This lease ensures that, for many years to come, BETA can continue its remarkable growth and innovation right here at BTV,” said Mayor Miro Weinberger. “I want to thank BETA for working collaboratively to see this process through, the Council for their support, and Acting Aviation Director Nic Longo and his team for getting us to this critical milestone.”
“I am glad that with this carefully negotiated lease and the strong support of the City Council, we are one step closer to seeing BETA being an innovative part of Vermont for years to come,” Mayor Weinberger said.
“We are grateful to Mayor Weinberger, the City Council of Burlington, the Airport Director Nic Longo and the local community for the ongoing support of BETA’s growth in Vermont,” said Kyle Clark, Founder and CEO of BETA. “With this agreement, BETA will launch its production here in Vermont within a new sustainable and responsible green campus here at the airport.”
Under the lease, the rent paid by BETA will be fair market rent, consistent with the rent paid by other tenants of BTV. Rent will increase each year by the percentage change in the Consumer Price Index, with a minimum increase of 2 percent and a maximum increase of 6 percent each year. BETA has agreed to construct the infrastructure improvements to the airport property that are necessary to make the airport’s property ready for the construction of BETA’s facility.
Since BETA is incurring expenses to build infrastructure, they will earn a rent credit equal to the cost of constructing the necessary infrastructure, which will be applied against the payment of rent over time.
BETA has been a tenant at BTV since 2019, in a City Council-approved lease. During that period, BETA has made significant investments to fully renovate its North Hangar facility located at 1150 Airport Drive to house its engineering, administrative and prototype manufacturing facilities.
BETA currently employs more than 300 people at its BTV facility, in high-paying positions. BETA also manages a robust internship program, collaborating with local educational institutions, to provide students with work-study opportunities; and is currently seeking to fill another 50 full-time positions.
BETA is poised to be a growth engine for Burlington and the region for years to come. BETA projects hiring hundreds of additional employees and interns, as it brings the planned production facility at BTV online in 2023.
To read the BTV memo to City Council about the lease, click here
To see the parcel diagram, click here
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