Spirit Airlines 2015 Annual Report Download - page 31

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31
In September 2015, we executed a lease agreement with Wayne County Airport Authority (the Authority), which owns
and operates Detroit Metropolitan Wayne County Airport (DTW). Under the lease agreement, we lease a 10-acre site, adjacent
to the airfield at DTW, in order to construct, operate and maintain an approximately 126,000 square foot hangar facility (the
project). The project allows for the development of a maintenance hangar in order to fulfill the requirements of our growing
fleet and will reduce dependence on third-party facilities and contract line maintenance. The lease agreement has a 30-year
term with two 10-year extension options. Upon termination of the lease, title of the project, which will be fully depreciated,
will automatically pass to the Authority. We estimate to complete the project during the third quarter of 2016.
Our principal executive offices and headquarters are located in a leased facility at 2800 Executive Way, Miramar, Florida
33025, consisting of approximately 56,000 square feet. The lease for this facility expires in January 2025. In January 2014, we
expanded our principal executive offices and headquarters by leasing an additional facility located at 2844 Corporate Way,
Miramar, Florida 33025, consisting of approximately 15,000 square feet. The lease for this facility expires in January 2025. We
also have a training center located in a leased facility at 1050 Lee Wagener Boulevard, Fort Lauderdale, Florida 33315,
consisting of approximately 12,000 square feet, under a lease that expires in January 2020.
ITEM 3. LEGAL PROCEEDINGS
We are subject to commercial litigation claims and to administrative and regulatory proceedings and reviews that may
be asserted or maintained from time to time. We believe the ultimate outcome of pending lawsuits, proceedings and reviews
will not, individually or in the aggregate, have a material adverse effect on our financial position, liquidity, or results of
operations.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.