The Burlington City Council has unanimously approved a 75-year lease that will allow Beta Technologies to expand its operations at the Burlington International Airport.
The agreement, approved Monday evening, will allow the electric aircraft company to construct a 355,000-square-foot manufacturing and assembly structure, a 15,000-square-foot child care facility and a 300-space parking area on airport property. The lease also would allow expansion of those facilities over time.
Beta, an electric aircraft manufacturer, has been based at the Burlington airport since 2019 under a previous agreement with the City Council.
Council members did not comment on testimony from airport officials and Beta representatives Monday evening, but council president Karen Paul asked people not to interpret that silence as a lack of enthusiasm for the agreement. The council decision followed two extensive executive sessions about the agreement, Paul noted.
“This lease ensures that, for many years to come, Beta can continue its remarkable growth and innovation right here at BTV,” Burlington Mayor Miro Weinberger said in a statement Monday night.
Beta has created 300 jobs in Burlington, according to airport officials, and is expected to add another 300 at the new facility. Airport officials reported Monday that Beta has invested $15 million in its facility since 2019.
Beta will pay rent on par with other airport tenants, and rent will increase each year between 2% and 6% under the agreement. The manufacturing company initially will cover infrastructure improvements to the airport property to ready the space for its facility, but those costs will be subtracted from its rent payments over time.
“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,” Weinberger’s statement said.
