Textron’s latest perk: Cessna parking
Friends of mine who live on the Upper West Side of Manhattan routinely complain about how much it costs to park their car near their house: over $500 a month. Since they only really use the car on weekends, they park it in Harlem instead and pay less than half that.
I thought about the high cost of parking an ordinary car in Manhattan when I came across this exhibit in Textron’s (TXT) most recent 10-Q. Under the agreement, Textron will provide COO Scott Donnelly a parking spot at T.F. Green Airport near company headquarters in Providence for his Cessna 206. The spot isn’t free: Donnelly will have to pay $450 a month. Textron will pick up various other costs though.
We have no idea if $450 a month is a fair rate for this sort of thing. Our go-to guy on aviation describes this plane as a “little piston popper” so maybe the price is fair given how small the plane is. Still, it caught our attention because while it’s pretty common for a company to lease a plane owned by an executive, we haven’t seen a lot of parking space agreements.
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Posted in Tags: 10Qs, perks |
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August 3rd, 2009 at 1:06 pm
That sounds about right to me. I had a hangar at a rural airport in MD, and paid a little less than that. I bet he gets a place in a warm hangar and some services like having his airplane pulled out when he needs it.
The 206 is a small, single-engine, piston airplane. In that category, it’s one of the most capable models you can buy.
August 3rd, 2009 at 4:02 pm
My friend pays $50/month to park his plane (a 2-seater Cessna) on the tarmac at a small airport in the LA metro area (Bracket Field, KPOC). A spot in a hangar costs $450/month.
August 4th, 2009 at 10:45 am
I wonder what kind of employee discount he got on the Cessna. Besides, the COO gets a parking spot at the airport? You should check if they’re paying his AvGas.
August 4th, 2009 at 2:01 pm
Parking is very expensive in NYC. For this reason, I find it much easier to charter planes rather than deal with finding a place to park one.