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Item No. 15 A <br />Memorandum <br />TO: Mayor & City Council <br />Grayson Path, City Manager <br />FROM: Janice Ellis, City Clerk <br />SUBJECT: GROUND LEASE AGREEMENT FOR PRIVATE HANGAR—COX FIELD <br />DATE: May 24, 2021 <br />BACKGROUND: Mr. Skyler Burchinal is interested in building a private hangar at Cox Field <br />Airport and has requested a ground lease agreement in order to proceed with his project. <br />STATUS OF ISSUE: Mr. Burchinal is proposing to construct a 90' x 75' hangar located <br />northeast of the existing Hangar A-7. The Ground Lease Agreement is the template form, and is <br />for a 40 -year period at an annual payment of $1,350.00 based on the square footage. The City <br />will retain ownership of the land, and as is typical with a ground lease, once it expires the City <br />can reclaim any fixed assets remaining on the site. The FAA has approved of the proposed <br />hangar location, and the airport advisory board recommends approval of the attached ground <br />lease with Skyler Burchinal. <br />BUDGET: Upon completion, will generate new revenues at the airport. <br />RECOMMENDATION: Authorize the City Manager to execute a ground lease agreement with <br />Mr. Skyler Burchinal for construction of a private hangar at Cox Field Airport. <br />