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Item No. 13 <br />TO: Mayor & City Council <br />FROM: Carla Easton, P.E., Director of Engineering, Planning & Development <br />SUBJECT: LEASE REASSIGNMENT AT COX FIELD <br />DATE: October 22, 2019 <br />BACKGROUND: Mr. Colin Marino signed a ground lease agreement for a private hangar on <br />April 1, 2019. The ground lease agreement was for a 40 -year period and will expire on April 1, <br />2059. The hanger that Mr. Marino constructed is referred to as hanger M and is located at the <br />Cox Field hangar complex. <br />STATUS OF ISSUE: Mr. Marino is a named partner of TEXBAMA 2, LLC, and has requested <br />a reassignment of his lease under this LLC. Obligations under the original lease agreement will <br />not change. <br />BUDGET: N/A <br />RECOMMENDATION: Reassign the hangar ground lease agreement from Colin Marino to <br />TEXBAMA 2, LLC. <br />