2019-038 - Authorizing Assignment of Airport Ground Lease Agreement from Colin Marino to TEXBAMA2, LLC - Hangar M

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RESOLUTION NO. 2019-038 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, APPROVING AND AUTHORIZING THE EXECUTION OF ASSIGNMENT OF AN AIRPORT GROUND LEASE AGREEMENT BETWEEN COLIN MARINO AND THE CITY OF PARIS FOR PROPERTY AT COX FIELD AIRPORT TO TEXBAMA 2, LLC, A TEXAS LIMITED LIABILITY COMPANY; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City of Paris did heretofore, on the 2nd day of April, 2019, authorize the execution of an Airport Ground Lease Agreement with Colin Marino for property at Cox Field Airport for a term of Forty (40) years, beginning April 2, 2019, and ending April 1, 2059; and, WHEREAS, Colin Marino has expressed his desire to assign and transfer all of his right, title and interest in said lease to TEXBAMA 2, LLC, a Texas Limited Liability Company ("TEXBAMA 2"), and TEXBAMA 2 has expressed its desire to accept such assignment; and, WHEREAS, the form of the Assignment of Lease from Colin Marino to TEXBAMA 2, LLC, a Texas Limited Liability Company, attached hereto as Exhibit "A", should, in all things be approved, and the Interim City Manager should be authorized to acknowledge approval of said assignment by signing the same; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the findings set out in the preamble to this resolution are hereby in all things approved. Section 2. That the form of the Assignment of Lease from Colin Marino to TEXBAMA 2, LLC, a Texas Limited Liability Company, attached hereto as Exhibit "A", for property at Cox Field Airport, be, and the same is hereby, approved. Section 3. That the Interim City Manager be, and he is hereby, authorized and directed to acknowledge approval, on behalf of the City of Paris, of the Assignment of Lease from Colin Marino to TEXBAMA 2, LLC, a Texas Limited Liability Company, by signing the same in the form shown in Exhibit "A", attached hereto. Section 4. That this resolution shall be effective from and after its date of passage.