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TO: Mayor, Mayor Pro -Tem & City Council <br />Robert Vine, Interim City Manager <br />FROM: Paul Strahan, Airport Manager / FBO Operator <br />SUBJECT: LEASE ASSIGNMENT AT COX FIELD <br />DATE: December 9, 2024 <br />BACKGROUND: The City of Paris received a request from Dr. Louis Trenchard to assign a <br />ground lease for Private Hangar O. This hangar is located south of the existing City Owned "J" <br />T -hangars. The original lease is between the City of Paris and Louis Trenchard, beginning April <br />27, 2020, for a period of forty years with an additional ten years, with an annual payment of <br />$450.00 based on the square footage. <br />STATUS OF ISSUE: Brent Sharrock, owner of Paris Air Conditioning and Collin Hadley, Owner <br />of Zane Co. Aero LLC would like to purchase the private hangar from Dr. Louis Trenchard. The <br />terms of the original ground lease agreement will not change. <br />BUDGET: N/A <br />RECOMMENDATION: Approve an assignment of the Airport Ground Lease Agreement for <br />Private Hangar O, from Dr. Louis Trenchard to Paris Air Conditioning and Zane Co. Aero LLC. <br />