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News Story
Updated: 11/22/2013 08:00:01AM

Airport board waives bond requirement

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By BRENDA BARBOSA

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The Charlotte County Airport Authority has granted a request by the new tenant of the Punta Gorda Speedway to modify the lease agreement in exchange for improving the facility left vacant and bare by a former tenant.

At an authority meeting Thursday, Andy Haase of Three Palms Speedway of Punta Gorda, son of the speedway’s new tenant, went before the board to ask for a waiver of the performance bond required in the lease. Under the terms of the current lease, the new tenant is required to post a performance bond equal to 12 monthly rent payments, or roughly $76,000. In addition, the new tenant is required to pay the last month’s rent and a security deposit equal to three months’ rent upfront.

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