A private jet-management company started by billionaire and Best Buy Co. Inc. founder and former CEO Richard Schulz is seeking to spend roughly $5 million to develop new facilities in St. Paul.

Best Jets International plans to construct two hangers on three land parcels at the St. Paul Downtown Airport, also known as Holman Field, this spring. The two hangers, expected to be completed by late summer 2018, will be a combined 46,000 square feet with 30-foot high ceilings. They’ll be able to accommodate…