Paramount Aerospace Systems USA is a subsidiary of the Paramount Group first formed in South Africa in 1994. It provides aircraft supply, maintenance, ground support, pilot training and air base construction to air forces across the world, including the U.S., according to the company website.
The building will be used to service and maintain Mirage F1 fighter jets, which is in high demand for U.S. Air Force training programs, according to meeting documents.
Council members also signed off on a ground lease agreement so Paramount can build a facility, dubbed Hush House, on the property nearby to test the Mirage F1 fighter aircraft engines.
Hush House is required to comply with noise level laws, and Paramount Aerospace Systems USA will pay for the cost of utility connections. The leases will expire in five years with options for renewal in the future, according to meeting documents.
The terms of the leases require the company to pay the city $1-$1.18 per square foot for use in the existing building over the five years and $0.46-$0.50 per square foot for the testing facility.