Gulfstream Repaid for Hangar Improvements at Brunswick Golden Isles Airport

Dec. 10—A five-year sublease for a capital development project at the Brunswick Golden Isles Airport that had been amended eight times was approved for closure Wednesday by the Golden Isles Development Authority.

The special called meeting was held at the request of the Glynn County Airport Commission on behalf of Gulfstream Aerospace, a major tenant at the Brunswick Golden Isles Airport.

The company was seeking reimbursement of $247,000 in an account held by the development authority for improvements at the airport. Gulfstream paid for and completed the work instead of asking for the money in advance.

Wayne Johnson, chair of the development authority, asked if this was the final disbursement of funds from the account. The answer was yes.

Ryan Moore, president and CEO of the development authority, said the money reimbursed to Gulfstream was essentially money held in escrow. The meeting was called because Gulfstream had its request on the agenda for the December meeting that was cancelled earlier this month. The company wanted to complete the reimbursement request before the end of the year.

Moore said the company ended up investing more money into the improvements than it was reimbursed.

"They had the work done and paid for it," Moore said. "They spent far and away above the capital improvement investment to the tune of $1 million."

The authority's board voted unanimously to approve the agreement, pending legal review.

The authority also unanimously approved renewing the lease of the original Army hanger to Gulfsteam, where many of the capital development projects were completed.

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