Textron’s latest perk: Cessna parking

August 3, 2009

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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We’re smack dab in the midst of Q season — the deadline is next Monday — so posting will be lighter than normal this week as we make our way through stacks of filings. We will, however, be posting more regularly on Research Edge. You can get access to the footnoted portal on Research Edge by sending an email here.

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