North Texas Regional Airport — Perrin Field will soon get a new face. The airport officially signed an agreement with Grayson Aviation for a 40-year land lease for the creation of a new 11,000 square-foot terminal and fixed-base operator building.

Officials announced plans for the new terminal building in September when the airport signed a professional services agreement with Rise Aviation, a subsidiary of Grayson Aviation. Rise Aviation also serves as the FBO for the airport and provides maintenance, concierge and other services to pilots.

“This will be a new $2.5 million face for our airport and that is at no cost to the county, I will add,” said Robert Brady, chairman of the Grayson County Regional Mobility Authority.

Current plans call for the existing terminal building to be demolished and a new 11,000 square-foot building to be constructed in its place. The building will house the airport’s terminal, offices for airport administration and FBO facilities.

Future expansion of the facility could add hangar space, said Mike Livezey, vice president and general manager of Rise Aviation.

Under the land-lease agreement, Grayson Aviation will pay 30 cents per square foot. With nearly, 11,000 square-feet this would place it at about $3,300 per year for the use of the land alone.

Livezey, who also serves as interim airport director, said the new facility will benefit the FBO and its operations by providing a more centralized, easier to reach, location for its customers.

“With the current FBO there is no air-side access from the FBO terminal,” he said. “… They have to deplane, they have to down down and walk through a hangar to get to the lobby. We want to have a first class facility that will be the current standard in our industry. The current facility, while nice, isn’t what it needs to be.”

During the construction phase, Livezey said Rise and Grayson Aviation will provide office space for airport administration free of charge at one of two facilities on the airport.

“We are not sure where that will be yet,” he said. “It depends on some other activities of people who are wanting to move in.”

For the airport, the deal is also a good move as it provides a clean, modern face for visitors and potential tenants who are considering relocating to NTRA, Brady said. Officials have increased marketing efforts in recent years to try to attract new, high-end tenants to operate out of the airport.

“When you are trying to market an airport and trying to bring in new business tot he airport, there are certain things that the corporate world expects,” Brady said. “Our FBO is adequate, but it is not a showplace. It is not an attraction, if you will.

“If you can demonstrate you have a world-class terminal building and FBO … you can become more attractive.”

Rise Aviation still has some work to do before the project is ready to break ground. Financing for the project must be secured and engineering work still needs to be finalized, Livezey said, estimating it may be four months before the project is ready to move forward.

Once construction begins, Livezey estimated that it could take about a year for the project to be completed.