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Item No. I 1 <br />Memorandum <br />TO: Mayor, Mayor Pro -Tem & 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: July 26, 2021 <br />BACKGROUND: Charles McNeal is interested in building a private hangar for storage of his <br />personal aircraft at Cox Field Airport. <br />STATUS OF ISSUE: Mr. McNeal is proposing to construct a 50' x 50' hangar located to the <br />west of Hangar O and southwest of Hangar J. The ground lease agreement is for a 40 -year period <br />and for an annual payment of $500.00. The city will retain ownership of the land, and as is <br />typical with a ground lease, once it expires the city can reclaim any fixed assets remaining on the <br />site. The FAA has approved the proposed hangar location and has issued a Letter of <br />Determination stating they do not object to the construction. The airport advisory board <br />recommended approval of the attached ground lease with Mr. McNeal. <br />BUDGET: Upon completion, will generate new revenues at the airport. <br />RECOMMENDATION: Move to approve the ground lease agreement with Charles McNeal. <br />