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<br />COX FIELD AIRPORT <br />PARIS, TEXAS <br /> <br />LEASE POLICY <br />FOR PRIVATELY BUILT HANGARS <br /> <br />L PURPOSE AND GOALS OF POLICY <br /> <br />All leases for privately built hangars constructed after the effective date of this policy and located on <br />Cox Field Airport property will be considered when the proposed use is consistent with the Airport <br />Master Plan. It is the goal of the City of Paris to encourage high quality development, continued <br />maintenance and enhancement of facilities, and balanced uses of the Airport including a diversity of <br />based aircraft and businesses. This policy will help insure the Airport will receive an appropriate <br />return on the City's airport asset while providing equitable development opportunities for present <br />and future leaseholders. This policy addresses new leases, extensions, renewals, and lease rates by: <br /> <br />. Establishing hangar development sizes with corresponding lease terms. <br />. Establishing uniform lease rates for Cox Field Airport. <br />. Encouraging full property utilization and preventing land-banking. <br />· Ensuring compliance with all State and Federal laws and grant assurances. <br /> <br />II. ApPLICABILITY <br /> <br />This policy is applicable to all privately built hangars constructed after the effective date of this <br />policy and located on Cox Field Airport properties. <br /> <br />III. INITIAL LEASE <br /> <br />Initial leases require the submission of an application in a form specified by the City to be filed with <br />the City Manager. Thereafter, if all prerequisites are satisfied, a Cox Field Airport Standard Ground <br />Lease shall be prepared by the City and the appropriate support documentation shall be forwarded to <br />the Airport Director and subsequently to the Airport Advisory Board for review to determine the <br />viability of a proposed project and recommendation to the City Council. The lessee shall be <br />required to carry a construction bond or proof of financial wherewithal to complete the construction <br />of the proposed facilities. The term of the lease granted will be based on the size of facility to be <br />constructed. There will be no options available upon the expiration of the primary term of a lease; <br />however, then current lessees shall be given a right-of-first-refusal upon expiration of either a <br />ground or building lease for a new building lease upon the terms and conditions established by the <br />City of Paris. <br /> <br />IV. LEASES AFTER EXPIRATION OF INITIAL LEASES <br /> <br />Tenants of hangars which are built by the Tenant as consideration for a long-term ground lease shall <br />be given the right-of-first-refusal for the lease of such hangar upon the expiration of the initial lease. <br />The monthly rental rate for such hangars shall be determined as set out herein. <br /> <br />Cox Field Airport <br /> <br />Page 1 <br /> <br />Lease Policy <br />