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<br />RESOLUTION NO. 96-011 <br /> <br />WHEREAS, the Airport Advisory Board, upon rmding that there is considerable <br />difference in the sizes of hangars requested, the types and numbers of aircraft to be operated <br />from such hangars, and the use of both hangars and hangared aircraft, recommended to the City <br />Council that the lease policy at Cox Field Airport be flexible based upon size, use, and estimated <br />income to the Airport operation with a minimum twenty-five (25) year primary term, rental <br />prepaid by construction of the hangar, a ten year option at a fixed rental, and a ten year option <br />based on either $.06 per square foot or fair market value at the time of the exercising of the <br />option, whichever is greater, and a maximum forty-five (45) year primary term, rental prepaid <br />by construction of the hangar, with a fifteen (15) year option at a fixed rental and an additional <br />fifteen (15) year option with rental based on either $.06 per square foot or fair market value at <br />the time of the exercising of the option, whichever is greater, with the Airport Advisory Board <br />having an opportunity to make recommendations concerning the terms of leases under <br />consideration by the City Council of the City of Paris; NOW, THEREFORE, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, that a <br />lease policy for Cox Field Airport be, and the same is hereby, established as follows: <br /> <br />1. That the minimum primary term of any lease shall be twenty-five (25) <br />years, rental prepaid by construction of the hangar, with a ten (10) year option <br />at a fixed rental and an additional ten (10) year option with rental based on either <br />$.06 per square foot or fair market value at the time of the exercising of the <br />option, whichever is greater; <br /> <br />2. That the maximum primary term of any lease shall be forty-five (45) <br />years, rental prepaid by construction of the hangar, with a fifteen (15) year option <br />at a fixed rental and an additional fifteen (15) year option with rental based on <br />either $.06 per square foot or fair market value at the time of the exercising of <br />the option, whichever is greater; <br /> <br />3. That the size of the hangar requested, the type and number of aircraft to <br />be operated from such hangar, the use of both the hangar and the hangared <br />aircraft, and the estimated income to the Airport operation shall be taken into <br />consideration when determining the lease terms to be offered; and <br /> <br />4. That the Airport Advisory Board shall be given an opportunity to make <br />recommendations to the City Council concerning the terms of leases under <br />consideration by the City Council. <br /> <br />PASSED AND ADOPTED this 12th day of February, 1/-2 <br /> <br />~~ <br /> <br />Eric S. Clifford, Mayor " <br /> <br />ATTEST: <br /> <br />~~.~~~~&~~ <br />